I think keeping the validity long just removes incentives for people to bother fixing their setups. We've seen the shift from "Craig needs to spend a few days on certificate renewal every year" to full automation in most environments when the 90 day validity period was introduced, and shortening it to a week will only help further automation.
You'll always have the option to skip the hassle (for a small fee, unless a Let's Encrypt competitor joins the market), but I feel the benefits outweigh the downsides.
I personally would've preferred something like DANE working, but because the best we've got is DNSSEC and most of the internet doesn't even bother implementing that, I doubt we'll ever see that replace the current CA system.