I am absolutely against shortening the term. The way it is now, the only truly productive part of the terms are right of the bat when all the new ideas come in from fresh councilors and then two weeks later there seems to be a new blaze of activity (though by this time it's usually more IG than inter-council politics). Reducing term length would only foster reduced activity.
Secondly, campaigning takes up quite a bit of time. It drops councilor efficiency exponentially. What do we want our councilors to do? Campaign almost constantly, or do we want them to try and be active and get out some without having to beg for votes? Two months is almost ideal.
As for all the PC councilors being killed- this was a fairly unusual term in politics. We were an awkward mix of varying ranges of crazy. I don't expect this kind of councilor loss for a while, though I suppose it really depends on the councilors and the characters in the field during the term. *spoiler? -> * I also won't say much, but I do think the DMs have realized this little problem and are making some changes.
As for shortening the voting term, that's a consideration. Ten days is quite a long time. Of course, our voting system (our literal OOC system) is incredibly simple compared to the methods we use in modern times. Also, a great deal of people in the city of Sanctuary strangely disappear when their counterparts in "real life" disappear for a little while. I think ten days suits that little oddity. Seven days is certainly passable though, that's not a big deal and reduces a little anxiety. Also, the thought that the full-time workers among us might be a little pushed by this... meh, why not just keep it at 10?
Of course, this is all something that should be taken IG, as seth pointed out. The Council can indeed make changes like this, though the Mayor might be a trump card who can do it as well.
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San Telmo: If you really wanted to be on the Council, you should be making your character LONG before the elections to start campaigning. The problem isn't the length of the elections, but the brevity of your stay in-game prior to the election. Also, you'll need to raise 1000 gold, which is a pretty penny that you're not going to get in a few days (although there are some IG methods to get it).
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Last note:
The problem is that PC councilors just need to work on NOT dying. Hopefully, the martyring of Genevis Ward (hey, let me dream here!) will spark new enthusiasm for looking at your candidates as "who will actually live long enough to get something done" instead of "who has the crazies agenda?" *votes*.