Dunno if anyone's been watching the streams but the way the launcher is set-up is pretty fantastic.
You can select from a bunch of ongoing games to spectate, and you pop in like instantly. So you can queue up for a match and just watch some in-progress stuff while you wait, then it pulls you out when your match is ready.
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Falcon Punch
http://www.youtube.com/watch?v=FFtw7qW7Vcw