Privatization would not only be good for the USPS, it would be the only thing that would make that piece of crap worth anything at all. The problem with the USPS is that since it is government run it does not have to be run competently or at a profit. It can run at a loss and just be okay.
The U.S. Postal Service doesn't need to be privatized, it needs to be dissolved. Companies that still send paper and envelopes through the mail are foolhardy since everything is on the Internet and going paperless anyway. Former employees of the postal service can work at UPS and FedEx, two companies that will pick up the slack once the USPS folds. Postal Service employees shouldn't have voted for those posh pension benefits because now that organization is insolvent due to its own short-sightedness and ineptitude. The USPS couldn't adapt to a changing world and now it is losing out to the competition.
I do not believe that privatization of the USPS would be a good thing. I think that there would be way too many problems should such a thing occur due to the issues with tax payer money and funds. I also think that a lot of people would have a problem with it.
If the USPS were privatized then the overseeing company could make decisions based on profits and not on the well being of the customer. This would be a lot worse then other private companies because some people still rely on their mail to everything from paying bills to keeping in touch with long lost relatives. If it were a private company and they decided that delivering mail to small towns were not longer profitable they could just discontinue their service. This would devastate countless towns in the United States.