The Madison is the greatest event of all track events.
Next is elimination, 3rd is Keirin, 4th is sprint.
I don't like the events that could be held with one team / rider as that doesn't involve too much competition, like Pursuit, Team Pursuit, Team Sprint, kilo,...
What they could do to help the audience / TV viewers follow the Madison a bit better, is to have e.g. a well-visible LED light on each helmet:
green = peloton
dark green = +1 lap or more
yellow = on the attack
red = -1 lap or more
In this way, everybody could follow who is getting points for the sprint (yellow , next everybody else). Now it's sometimes confusing if riders on the attack are already in the peloton (taking a lap) or not.
You can probably automate the colors based on a receiver on the bike that measures position, speed (in the peloton or not) and position in relation to other bikes.
You can even put a LED light number on the back of each rider, with their actual position in the race. That would help both the riders and the audience.
All of the above can ofcourse be skipped by just learning the rules, watching closely (and hoping the TV director does a good job). If you know how the Madison is raced, it's one of the most exciting events to follow.