Take a look at the news release.
Personally I think it is the best that can be expected without reopening the constitution.
The fact is that the PM gets to appoint Senators, it is his constitutional duty. IF Provinces elect candidates, and this could be anyone (even Duceppe), the PM should have to consider that democratic choice in his decision. He doesn't have to appoint them but heaven help him come next election if he does otherwise. (Quick someone ask Jack Layton if he would respect this if he ever became PM)
Oh and I believe this same principle applies to the legislation, ( again more like a suggestion per our constitution) of the PM not calling an early election in a majority situation. He can do it but come that election....toast.
As I said, the best that can be expected without opening up that can o' worms that is our Constitution.
Update: Canadian Sense had a great idea "A substantial cut in pay/benefits for upper chamber would help with turnover and not require Constitutional talks."
That would get some of those hanging around just for the perks to willingly depart sooner. Making it a volunteer position could also be an option....
Another update: Pat Martin agrees!