Im not looking at the most appealing side for myself. If I was the one running and trying to surprise them, it would give me a thrill if I saw dead people who could tell where I am. If you wanna run then you gotta have skill at it. One way or the other, you will be found by someone. The dead people gotta type out the location first, but cant attack, so that running person still has a long time to disappear. Its not like you sit somewhere in a corner and wait up (at least not when youre not alone).
Im also looking at the social side of it. The cheering part and the whole fun part about it. Were not doing a serious game here, are we? Its about fun and not about strict rules everywhere possible.
I also think, not dying isnt as easy. After all its a pvp event.
And the fraps part: You may be right. We could fraps it and then watch it after, once its uploaded somewhere. But doesnt everyone enjoy watching a football game live? Just saying.
Might not be reason enough, but thats my point of view.
PS: Not trying to attack you or something, this is just my honest opinion on the whole topic.