Would be neat to watch a game of Battlefield 2 from some kind of omniscient perspective, as in a camera floating around the map, zooming in as things got interesting. I have no idea how they could really implement that though.
They've been doing this for years. Go looks at the Tribes, CS, or CPL communities. Their are video / audio shoutcasting sites that do very professional coverage of a lot of FPS games.
If done correctly, this is a lot of fun. But they're doing 2v2 Halo Deathmatch and Super Smash Brothers... I don't think they'd even bother to do commentary on SSBM, just show the matches and talk afterwards.
Part of the problem is game choice. It's hard to make a spectator sport out of games that suck for spectators to watch, even if they're fun to play. Tribes rocked in this regard, it's a pity it never had the fanbase like Halo or CS does, because it was highly competitive and a great spectator sport.