I personally prefer the league model of GOMtv.net or MLG.com to the individual user channel structure that Justin.tv has pursued here.
When people sit at home watching sports they want to see the latest game from the NHL/MBA/NBA/NFL, etc, not a stream someone's recorded in the field across from their house.
People like to watch professional players so they can learn things, and also entertained.
There is value being created for these individuals and JustinTV has snatched up the market by offering revenue sharing deals to get people to switch.
Just the other week, a player named TheLittleOne has 15-20k Uniques watching his stream for twenty four hours.
They are not massive audience draws like MLG, or GomTV, but for the cost of producing one could easily argue the marginal profit is higher.
Secondly, a lot of tournaments actually stream through JustinTV, like NASL. While not having the production value of the previously mentioned it has a large amount of consistent audience draw.
TSL3 was drawing in excess of 70k viewers for their tournament. It's not a bad deal considering this is real viewers and not "Nielsen family" style calculations.
As the gaming team lead at Justin.tv, let me just say that I agree with you that there's a lot of structure on GOMtv.net or MLGpro.com (they don't own mlg.com unfortunately) that I think is awesome.
But when you sit at home watching Starcraft and you want to see NASL or IPL or MLG you catch it on TwitchTV. We carry (almost) all the biggest tournaments.
When people sit at home watching sports they want to see the latest game from the NHL/MBA/NBA/NFL, etc, not a stream someone's recorded in the field across from their house.