I went to a Raw last year in the build up to WM and the Raw after Survivor Series because I thought Sting would be there. I can tell you why it sucks and why crowds are dead.
Any and all surprises are ruined as the "TV show" aspect is much more apparent when you see stage hands scurrying around setting up props/speakers for promo segments, and when you see camera men scurrying up the ramp 10 seconds before a run in. Entrances that look cool on TV don't look as cool when there is a camera man 3 feet in front of a guy the whole way to the ring.
During commercial breaks, NOTHING happens in the arena. If a match is going on, they just dick around for a couple of minutes to fill time. Usually some brawling on the floor that goes no where or a chin lock. If there isn't a match going on, the arena goes dark and you get to watch ads for the Network/video game/latest WWE Studios movie/K-Mart/toys. Over and over. The same 5 all night long. Sometimes twice in a row. WHen you have breaks that start in the middle of an entrance and they come back with the music playing and guy in the ring, what happens in the arena is the music cuts out and the ads play while the dudes just stand around awkwardly in the dark. Then the music comes back on when they come back from break. When they do the announcers talking spots, the live crowd gets nothing. The audio isn't played over the PA and the screens don't even focus on the announcers. It's just dead time. By the top of the 10PM hour, you've had 20-25 minutes of dead time in the arena, usually watching those same 5 ads over and over. If you showed up at 7:30, you had 2 short Superstars matches and an additional 7-10 minutes of dead time.
Top of the 10PM hour usually has a long segment or match, and then a long break. By the time the main event starts, you've been there 3 hours, with close to 40 minutes of dead time. Then the show ends and there is an additional 10-30 minutes of either a dark match or general fucking around. Also, all the replays shown on TV are shown in the arena as well. To the people who literally just saw it in front of their faces. All while sitting in uncomfortable seats, having a headache from the insanely loud pyro, a bad attitude due to the show being awful for all but 15-20 minutes, and people getting tired because it is getting late. A large chunk of the audience leaves around 10:30 because people have to work or get their kids to school in the morning. By the time the main event comes, it doesn't matter who is in it, the fans are going to be dead. You aren't keeping a crowd hot for 3-3 1/2 hours with the garbage Raw has been putting out this year. It makes no sense to me to have a PG show with the alleged main demographic being kids under 15 going on until at least 11 on TV and closer to 12 in the arena. On a school night.