Actually, my take on the issue is that women should play best of 5. I think this would settle at least part of the dispute (ie "they don't put in as much effort").
I do enjoy men's tennis more, that's true. But unlike some people here, I do not think that women's matches are painstainkingly awful to watch.
I have great memories of certain women's matches, I will never forget the Graf vs Hingis final, for instance. I enjoyed watching Henin a lot. At the moment, I'm not crazy about most of the players, which is probably why I don't watch it as much as the men.
But it hasn't always been the case.
Watching 5 sets of WTA wouldn't be a punishment for me, actually, I often regret while watching WTA matches that some of them do not go further. I think it's one of the main things that make WTA tennis less exciting for me, when a match is close, I want to be able to watch a thrilling 5-setter.
I'm pretty sure they have the physical ability to do it.
Now, the organizers would be in trouble, but that's another story...