Dominance begets boredom. If you know what will happen before watching it, it's no fun to watch. I can appreciate the skill involved in what happens, but it doesn't interest me.
I would rather watch Athletic Bilbao and Osasuna fight a close match than Barcelona dismantle someone 5-0.
I would rather watch a chaotic, closely-fought sprint in the Tour of an industrial estate in Cantanhede, where nobody knows who will win, than a tightly controlled HTC love-in in the Tour de France.
I would rather watch the 2010 Giro d'Italia than the 2011 Giro d'Italia.
And I would rather watch Lewis Hamilton (another guy I don't like) win the title in the rain on the final lap of the final race by overtaking a guy gambling on slicks, than watch Michael Schumacher cruise to win the title by the time we get to the Hungaroring against competition consisting of one guy who is contractually obliged to pull over and let him past.
I like my sporting favourites to be talented, but have flaws. Not personality flaws that make them dominant automatons, but that mean you have the chance of victory, but it will always be nervous. Alejandro Valverde, for example - great rider, but with a tendency to do something stupid and throw it away at the strangest possible time. Igor Antón - great climber, dreadful bike handler. Magdalena Neuner - fastest in the sport on the skis, woeful in the standing shoot. Juan Pablo Montoya - high energy, boundless talent, carves through the field... but you always feel like he's only half a second away from sticking it in the barriers.