In Australia, the time difference to India means most of the games are very late at night. It turns cricket into a fast food, vapid (but fun) spectacle, and has a very tacky Bollywood-esque feel to it all, but the IPL is bloody fantastic.
As a lover of the game of cricket, beyond country allegiances, I think the combination of the some of the best talents in the world together is everything that other franchised sports have offered, and that is a good thing.
My opinions of the game of Twenty20 aside, I think it's the best thing that's happened to cricket since World Series Cricket. I have no idea if in the long run it will work, I have no idea if the franchises that have spent ridiculous millions on the teams are going to make their money back, but I absolutely love the concept, and think it's about time!
I just hope the ICC reorganise the Future Tours Program so they don't clash with the event.