"I've been won over by the concept (of Twenty20) -- the passion and the excitement of the sport and the fact that kids love it is very good," The Sydney [ Images ] Morning Herald quoted Waugh, as saying.
"I'm also impressed by the range of stroke play from a batsman's point of view. The shots that are being invented are great fun and as a batsman I would have loved to have played them," he added.
The 44-year-old further believes that the latest version of cricket will fade away, if the cricket boards continue to organize frequent tournaments.
"While it's exciting, we can't just feast off Twenty20 because it (the aura) will wear off. As long as it's seen in small doses it'll be good for the game," Waugh said.
When asked if the one-day cricket is fading away due to the sudden emergence of Twenty20, Waugh said: "I don't think so. People have written it off a few times before, but it only needs a few minor tweaks, particularly between the 20- and 40-over mark of a game."
"Maybe batsmen can be given a few extra incentives. Maybe a four can be worth six and six counts for nine runs. It would generate more excitement in that form of the game," he added.