https://www.youtube.com/watch?v=OPFqNhRk70Q
I also enjoy watching competitive 9 ball, where if you aren't running the table, you're putting your opponent into a ridiculous safety, and then there's usually an amazing shot to escape, etc. until one side gives the other an opportunity and they likely run the table, which is also impressive. But then again, I'm just getting into straight pool, and I really enjoyed watching the above video. So straight pool's growing on me too.
For watching any kind of pool, I think it helps to play a bit to get a perspective for just how difficult some of the shots are, but also to be able to picture the thought process the player is going through. There are shots a player might be able to make 75% of the time, but if they miss that shot it's over, so they'll play safe, or choose a lower percentage shot that has a built in safety, and you can usually pick up what they're trying to do next. Or they come out of nowhere with a shot neither you nor the commentators saw coming and nail it, to which the commentators will say something like "well, I guess that's why Shane is the #1 ranked player in the world and we're not!"