As a sports event it works, especially if you have any clue as to what's going on in the game.
One match in Street Fighter IV, for example, had a fighter focus dash canceling to an ultra combo. Knowing what that means, knowing the level of play that those moves come out makes watching it that much more entertaining.
Watching the Guilty Gear finals this morning though has been much less entertaining, especially when the commentators don't even have the base knowledge of the game and fighting system to let the viewers in on the technical aspects of the fighting.
Granted they have to fill a lot of space, and they have to do a lot of talking for a lot of time, but I wish the announcers could have been slightly better prepared. They get off topic pretty often, which is understandable, but they should be commenting to the people watching online, and not to each other. Until I step into their shoes however, I really can't complain that much.
The stream will still be up so long as there is EVO action going on, so hop on over to http://evo2k.com/live and see some of the finals action for yourself.