I actually think it's detrimental to have rolling games - that is, it's better to run in blocks than always try and have active games running. You're right that it's killed off spectating, because as soon as people die, they're already playing in other games so don't get involved in the following of ones they're out of - which is sad because there's much to be learned from watching games continue to play out.
More than that however, when games end in blocks, it means a certain number of people will have been dead for some period of time, and they'll be chomping at the bit to get back in and going, creating a level of enthusiasm for the launch of new games - enthusiasm that's important for carrying a game through it's random stages and into the meat of it.
With the constant stream of games, you get people jumping for the excitement of PM's and opening flavour, but then they stall out and really drag. There a LOT of good, flavorful games waiting in the queue to get launched and played, but it's all incredibly overwhelming.
Games I'm in, or following (because I don't stop once I'm out):
M-XI, M-XIII, M-XIV, ZM3, RMM3, BM-VI
I've also got 8 QT's that I'm actively following or participating in across all those games.
And I love it, I really do - but part of the excitement of playing comes from the anticipation and build-up to new launches.
Well, that's how I feel anyway. And this is the wrong thread for this, but it's where the conversation is at. I understand the jam that launching 3 new games at once causes... But it seems to me the reason that happens is because there's genuine excitement to get in and get playing again - and that only comes from people having a little bit of down time every now and then where they're watching and waiting instead of constantly playing.