I watch them for the content.
Video games are a product. I want to see technical aspects: frame rate, texture resolution, sound design, game play mechanics, overall structure, online integration. Also look for artistic value,social commentary, story, and novel concepts. Is this particular game moving the medium forward?
I find video games equally, or more stimulating to any other art. Growing up with them, i enjoy identifying the different "layers" and watching the progression of certain mechanics evolve. Unless your heavily invested in the medium, as most mainstream video game press surprisingly isn't (will change very soon, we're talking about the most profitable commercial media, after all) you won't have the knowledge base to find reward in watching video games.
I also enjoy viewing other's skill, but to a lesser extant. I am a firm believer that video games will eclipse other mediums within the next decade. It's inevitable. Virtual reality and hyper realistic graphics, hollywoodification of videogames, and the way the medium can stimulate pleasure receptors in ways other media simply can't.
In a few years time parent companies of CBS will be heavily invested in game development if not already. Rubbish stories like this may still exist, but will garner much less empathy/respect.
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