Kay, serious mode activated.
Competitiveness and speed are not related. How competitively viable a game is more or less only about the game's ability to provide an environment in which two parties can do *something* in which the end result ends with one side being victorious over the other. Better competitive games offer that if you beat your opponent, you are likely more skilled than they are.
Speed is often a factor at work, as you said, reducing the time in which you have to react properly, but when it detriments already important parts of the game, i.e. DI, SDI, breaking out of grabs, frame perfect combos (there aren't many in this game, but they exist, ala Marth's grab release spike), but doesn't actually affect the core elements of the game, which would be spacing, prediction/punishment, and matchup information (frames are a huge part of this. Inconsistent game speeds make actions take less time, and since there are already actions that occur at 1 frame, I can't imagine that the game calculates these values properly).
While playing in lightning mode may require more "skill," it's more or less like the skill required to play a difficult song at 1.5x speed. You can do it, but it won't be the same song, and it probably won't sound nearly as good. It requires more skill, but takes away from what makes the game a good game.
You obviously don't even play Starcraft at a competitive level if you think it's one of the best games ever created because of it's game speed.
EDIT: I still think you're a troll.