I do agree that the rules should apply to planes with fewer than 60 seats. It does seem rather incongruous that one can fly for example on Continental from ORD-IAH and be covered on some of those flights and not others (I do realize that it is COEx for the RJ's and not technically CO, but to the average flyer that is a distinction without a difference).
For the dollar amount, I do think there should be a strong incentive to get the pax to their destinations quickly and safely. If the IDB compensation is not working towards those goals, then changes should occur. And while people like to throw about large numbers for IDB's, remember that this cost will ultimately end up in the price of tickets.
Also, when the IDB compensation amounts were put in place, what was the average price of tickets at that time? I know that they have not increased by the amount of inflation. The difference between then and now may actually be small in amount. I believe that the amount of the compensation should have some relationship to the average ticket cost and not be tied to an inflation factor.