Well, it's already been stated that some Create cards will banned from Ranked and Pro Ladder while others will be reworked, which sounds like a good solution to me. Depending on what cards get which fate, of course.
So, I voted for option 2.
In general, I don't have a problem with Create as a mechanic, but I do think cards like Runestones, Slave Driver and Elven Scout in their current form should be limited to Arena and Casual. The latest official tournaments have proven that several times over.
Some other Create cards, like Whispering Hillock, Uma's Curse and Doppler I hope will remain the same as they are now, so I'd prefer them getting banned from competitive play as well.
I most definitely would not like to see the entire mechanic being removed, replacement or not. It's made the game a lot more fun for me, despite the occasional ridiculously (un)lucky choices.