I thought it was a good experience and they did a good job. Sometimes they were a bit confused, so a bit more structure would be good.
Running through the website would also be an option. But I kind of liked the self organization aspect and a visible bracket. Also having a 2nd bracket and coming back to win the thing like flowless did is not possible in SL.
I agree that the self organisation is a great thing and the new challenge system gives a great way of doing it (although I would have liked the 2nd round and finals to be a fixed format so we could see how people react differently to the same format live) it opens up the door to many creators running their own events on live streams on the fly