Tourney are by and large ok. It's something that everyone should attend at least once (especially the bigger ones like EVO). Sometimes going to any tourney you're struck by how much you have in common with everyone, and how little you have in common with some people at the same time.
While I like high-level tourney play, most of the good stuff is found in the casuals; tourney matches are usually filled with characters that are the highest rated (with some exceptions), while like some people have already said you see a lot more variety of characters, strategies, match-ups, and skill level. And I'm willing to believe just like professional basketball, the best players around aren't hitting the official circuts, or always. I know it's more than likely that most good players of a game will make every effort to attend a tourney to win, but with people's diminished ability to travel, you're probably going to catch their skill on a recorded casual instead of a tourney.
But at least in tourneys, nowhere else has the same degree of authentic arcade feel where people are clamoring to see and howl on the amazing beatdowns someone delivers. Best place to see a tourney will always be from a computer though, for three reasons: rewinding, fast-fowarding, and volume control. I'd change my answer though if there were more tourneys for games I feel like mastering (mostly SNK games). SSFIV, MvC3, BB - fine games, but if I find myself able to compete with tournament regulars witht the time I put into those games, there's your proof they're too easy.