For the majority of our lifetimes, there's only been a handful of women that could provide sufficient opposition to take the top 4 women's players (at any given time) beyond 2 sets. So there really wasn't much point. It always perplexed me how the women's game had so many players who didn't seem to be "match fit", and were able to compete to a point, despite clearly carrying excess baggage. 3 set max definitely helped.
But now, at last, we have strength in depth. 5 set matches would present some proper contests and prove the worth of the women's game. It would also make the equal pay debate redundant. Sadly, I wouldn't have fancied Magda over 7 sets today, but I think Johanna would have benefited from a five setter.
It would certainly present the Grand Slam schedulers with a headache, though.