as if there's so few things to do beside running an instance with LS ^^
if you dont get in now, you will some other time, until then there's plenty of stuff to do.
i suppose it would be fun if you're bored anyways, otherwise just waste of time since you cant participate, or get anything.
But could be nice with a spectator *guide* that knows the instance, and can guide people along, without taking up a slot.
And as a spectator you could pick what char you want to look at. so camera is centered around that player. you pick who you wanna look at with party bar. Or there could be a moogle cameraman, that flies around/above party leader.