For me, the excitement comes mainly from following my team, through the ups and downs. Somebody could show me 5 last ball finishes from games in India, New Zealand, Australia and South Africa and it wouldn't be that thrilling, in truth, as there is no emotional attachment there. So some Indian team beat another one, what's that got to do with me? That's what I don't get about the IPL either.
I guess what it boils down to for me, and it will be different for each person, is that I can enjoy watching any game of cricket, yes, but the things that hooks me and makes me particularly interested is the emotional connection and interest I have with the game, be it a Hampshire game or some other game that has a knock-on effect on Hampshire's standing in the league. These franchises, including the IPL, just don't do that for me. It might be a close game and finish between 2 good sides, but not between sides I've got anything to do with so don't really care at the end of the day.
I guess the idea is to draw in newbies so if it's a success in that respect and they stick with the game then fine. The newbies, by definition, won't have any emotional ties already, they will be making their new ones now. However, the annoying thing is that it's being done to the detriment of an existing competition between clubs with an existing loyal fan base who want to see their best players representing them.