I've watched a fair bit at schools and club level and always enjoyed that - probably more than the equivalent in football. (My lad played at quite a high level so there was always the proud father aspect to it.)
Seven-a-side tournaments are good value and I've happily paid to watch those - especially when we were living in Asia.
But generally there's nothing better to me than going to watch the Millers and I would always choose that over anything else when it comes to paying for ones sporting pleasure.
The upper class own the horses
The middle class ride the horses
The lower class lose money on the horses