personally, i think the hardest thing to watch is a team that is good, but not great. you pull for them so hard, but you know deep down in your heart that everything has to come together perfectly (stars aligned, other team's best player held hostage, etc.) in order to have a chance to win it all.
this team cannot win it all...so the question is how "good" are they? it's kinda like 1987 when they were beat up and the lakers ran them off the floor. the celtics hung tough, but we all knew there was no chance. or 1992 when larry's back (and career) was toast...there was that final home game against the cav's when larry dished out all those assists, but we all knew it was over. or 1993 when reggie went down and mchale pulled out one final miracle effort, but once again, we all knew there was no chance to beat the up-and-coming hornets team.
fun to watch? yes. painful? most severe.
but would i want to go back and watch the m.l. led celtics? not in a million years...