Firefly,
why would you get rid of regional QNH settings? I'd have thought that on the occassions that you get a zebra's backside passing through the country and you want to go from one end to the other, it might be nice to stay updated with pressure changes.
One point not mentioned in the QFE argument is that there are some place in the world where the elevation precludes the QFE being settable on the altimeter. Not a problem if you always fly QNH for the approach.
VP, you asked about EGPWS; they have their own GPS which gives true height.