If you are one of the die-hard brand-loyal fans, who absolutely feel compelled to legally pay and need to watch every single event the UFC puts on... it's a pretty fucking expensive sport to be a fan of.
That being said, I was around for UFC 1 (and pre- overseas fare) and dealing with the black boxes and descramblers way back in the day. Those really early UFC's were a spectacle more than a sport, and those were wildly, wildy entertaining events. I can remember having it play in multiple rooms at home because there were that many people who wanted to see it and everyone had to crowd in one house, very few bars around here played them back then. It was a fun watch and it was exciting, but again, more of a spectacle.
Food, drinks, socializing and a bunch of "WTF" moments. That was fun.
TUF, Spike TV, monthly PPV's, the occasional fight night, a lot more promo stuff (or at least it seemed so) directly from the UFC, Goldberg (yes, I ilked Mike Goldberg, he's my real life Pepper Brooks)... the UFC just seemed more alive and fun. Attended a few live events and the brand was electric. Still had group gatherings, or would all meet up at a local bar.
In my opinion, I think the Fertitta's were brilliant. They got in, got rich and got out, and their timing was impeccable. Dana's success came as a result of the perfect blend of timing, good friends with deep pockets, and he worked his fucking ass off and would bleed UFC.
Since Endeavor/WME/ESPN, to me, the UFC just seems to be becoming more bland and stale, more and more expensive and repetitive, and Dana is just going through the motions on autopilot. He went from being overly passionate about the UFC, to being just some opinionated fathead sellout. Either that, or he's really been muffled and told to stfu and keep a low profile by his real bosses. No more group gatherings, and a lot more meh's from the product.
Financially, the company and brand are worth way, way more, but it sure as hell isn't a better watch. PPV's are ridiculously overpriced, and the cards are watered down enough to the point, most are not really worth getting (in my opinion).