I voted for a new format because I miss a little bit of emotion in the competition for people who is not a crazy supporter like most of us. One idea could be that before the profesional competitors, someone climb the route explaining the movements and the critical part of the route, showing the little holds and giving an idea of the difficulty of the route.
I agree with Legi, climbing as an Olympic sport would be absolutely kick ass and give the sport excellent exposure. I'm guessing people that voted against are afraid of exactly that. That it would draw 1000's of new climbers to some already overcrowded crags, possibly impacting access in some cases. While this is certainly a concern, it could also lead to new climbing areas being open and access being granted where previously there was none.
I for one would be glued to the TV during Olympics if climbing was an area of competition!
I voted for 'Absolutelty -WOW', because it seems to be a good promotion for our sport. And there is already an active competiton community who's certainly looking forward getting an olympic medal.
@the peope who voted against it: What are your concerns?