I like Gu's idea of viewing everything at real speed so that wouldn't actually eliminate instant reply. What real speed would do is allow judgement minus the dissection.
Another idea that has been mentioned in the past If I remember correctly. If an infraction/s does not impede the result of a play, don't enforce it.
After reading numerous threads on various rule changes, the games themselves, the outcomes. Its become abundantly clear, flow of the game from an entertainment perspective is vital to the quality of the product.