One thing I have noticed about competitions is a lot of down time between riders. Perhaps it would be better if there were two tow boats and as soon as one rider finished, then the other boat could take off.
Couple that with the distance riders must travel down a lake which makes it tough to actually see them at some points. When the Tour stopped in Indy, we set up camp in front of the Ranger slider since that seemed like it would provide the most interesting views.
Wakeboarding is a tough spectator sport.