I would watch such a thing if it became available. Heck, I even have an idea on how it should be done.
First, you need to have a show with gaming news. Not updates and such like that on games, actual news. Legislation regarding games, release dates being shuffled about, gaming companies taking a dive, stuff like that.
Second, several different shows with different types of tournaments. You could have one for RTS, one for FPS, and even one that combines a bunch of random video games together to contest over.
Third, you need review shows. I say "Shows" because it is really nice to remember to look at the classics, and judge them. One show can be dedicated to reviewing the newer games, and one can be set to look upon older games. Both will need a light hearted approach, of course.
Fourth, you need a show like CHEAT!. A show dedicated to showing you hints, small walkthroughs, and otherwise blatant cheats that you can use in games.
Finally, you need a gaming tech show. A show that would examine all the tech that is supposedly for all serious gamer types, and see if it really is worth looking at. That amazing mouse, is it really that amazing for $40?
Yeah, I've had time to think about this. And to whoever says G4 is a gaming channel has obviously not looked at what they air a majority of the time. I can assume it is 1)cops 2)Cheaters 3)random old movie 9/10 times. The other one is XPlay or Attack of the Show.