It's a soulless and savage (and ultimately mind-numbingly boring) spectacle, vulgar and cruel. As entertainment, I would put it on a par with dogfighting. By which I mean it should not exist, but there are too many psychotic people in society for it to ever be put out of its' vulgar, cruel misery.

EDIT: As power politics go, this is like the mafia or drug cartels, with a bunch of short-term clever but long-term stupid pigs jockeying for top position, using each other's families - their own wives and sons and daughters - as pawns, as collateral damage, as cannon fodder.