I do like T20 cricket, but I find test cricket (the possibility of a draw after 5 days of play just feels wrong to me) and the 50 over format to be quite boring. However baseball is even more excruciatingly painful to watch in my opinion. The sport is rapidly declining in popularity in the US. This is due to numerous factors such as the games lasting for so long compared to higher octane action sports, there being a large number of foreign players in MLB, and the season being ridiculously long (each team plays 162 games in the regular season before the playoffs even start).
Of course how ‘boring’ a sport is to me is not a factor over whether it should included at the Olympics, as seeing the bigger picture is more important. That being said a lack of support from the MLB authorities and its players could prove to be a major obstacle in getting baseball re-introduced.
One problem with T20 cricket at the Olympics, is that there is a T20 World Cup held every 2 years (including in Olympic years) which is incredibly lucrative. The ICC and the various national cricket councils wouldn't be happy for this tournament to be held once every 4 years instead to make way for an Olympic tournament, when that would result in a huge loss of revenue.
Another problem is the West Indies situation, with the Caribbean islands having to compete separately. I believe that domestically they do that anyway, but I wonder if they would be happy to be so heavily weakened whilst competing against other international teams.
I was actually wondering if the popularity of T20 cricket would bring about the death of the 50 over game, but that hasn't happened as of yet. I believe that in India and Pakistan for instance, one day cricket is far more popular than the test format, as their home attendances over the years for both formats have shown.