Justin, not so long ago the 1st and 2nd rounds did used to be a 2 legged affair - with the winners being guaranteed a game against one of the 'bigger clubs'. as time has gone on with the top clubs being involved in European competition the demise of the League Cup and FA Cup has become apparent. To now finish 4th in our top division to the detrement of our 'own' domestic competitions sadens me.
Going back to the League Cup I believe this was introduced more for the benefit of the lower division clubs for extra revenue etc - a proportion of all gate receipts for all games is still divided equally between all competing clubs at the end of each years competition.