I'm of the mind to do some serious streamlining ASAP.
We have a few things to get through first - currently to likely re-merge /ooc/ and /rp/ (it was split for reasons that are no longer applicable, when RP canons were starting up and the planning threads more numerous than the canon threads.) Merging /pic/ and /art/ into a single image-gallery type board, to be primarily used for long-term thread hosting for artists, their commissions/request threads.
This would leave us with a site structure like the following:
/site/ - site issues (pretty straightforward and necessary)
/arch/ - archives (another obvious one, serving a purpose, not really a board people post on)
/pony/ - serious discussion (mostly active and important during seasons, serving a purpose)
/oat/ - a… unique subculture that primarily is it's own thing. hard to describe. non-serious offbeat sfw pony
/fic/ - an important if smaller part of the community for long-term fic reviewing
/rp/ - long-running, planned roleplays
/art/ - artist threads, art galleries
/chat/ - off-topic, sfw, threads and socializing serials
/anon/ - the anonymous' culture pony board
Nine total boards - 7 actual boards for posting (minus /site/ and /arch/)
Now, there is definitely still room after that for further streamlining. How it would exactly work would really be up to the community and their input. Merge /oat/ and /pony/ as many have talked about in the past? /oat/ typically dislikes those discussions… but they haven't exactly been a very active part of things lately. Merge /chat/ and /anon/, eliminating the one barrier between them, the difference in one having nsfw and one not? One or both would dramatically reduce division and 'sprawl' and increase the speed, which makes everything feel more active and alive.
The question is whether the community would support such notions. While we're definitely not as unmovable on site issues as 4chan and listen as hard as we can, we're also not as wishy-washy and slow to react to changing situations as Ponychan. When it comes down to it we would make a choice and go with it, unafraid to take the chance at making a big improvement - but it would have to at least have some grassroots support.