I think this is all about the audience you are basing it on and the context.
In my roaming of Youtube I've found plenty of less well viewed tournaments with commentary that I have loved, many mentioned in this thread. This type of commentary has all been by people who know their audience isn't huge and hyped, and have managed to conjur something from nothing for them, bringing entertainment or humour whether, alone, paired, with inside jokes, random asshat stuff: whatever it takes to create some energy for a video that had pretty much nothing comming into it. This type of commentary is TERRIBLE for new players or outsiders as they won't understand the gameplay, the refrences, and most likely any part of what makes it enjoyable for smashers.
That kind of commentary is also terrible for tournaments. As well as being terrible at engaging and presenting smash to new players and outsiders (what this thread is about) it also doesnt fit. Tournaments dont need commebtators who can make something out of nothing, they need commentators who can focus the hype of the tournament and event onto the current match. That's why newlyweds are so effective and generally revered, because they draw on everything good commentators in any setting do, and translate that onto what youre seeing. Outsiders get told general strategies and major plays by each character, new players get told the history of the players or matchup, and experienced smashers are made to feel the atmosphere in the venue. Everyone gets catered to with husband and wife, and that's why they're seen as 'the best' commentators smash has produced, and what the standard should be for major tournaments.
In a kinda seperate post concerning 'HMW' style commentary starting a bad trend that was mentioned somewhere at the start of the thread... Waffles has done an insane amount for the community, and his ability to be the go to place for so many tournament recordings is pretty incredible. However he and Phil more and more are finding less and less to say about each match because of the sheer volume of output Waffles creates, the routine of a many videos nowadays being longish silences punctuated by an attempt to say something like 'I dunno, .. is just getting off I guess.. needs to bring it back' and a distinct antihype unless theres a cute combo or recovery. More often than not at the more major tourneys HMW+Phil shake this of and themselves feed off of the hype as they see new and interesting matches betwen different players, but often later in the day/tournament they revert to the routine. Personally I'd prefer newlywed style forcefed commentary for a Puff ditto GF, than a lackluster and resigned half-commentary, and as a whole for a GF of a major tournament it would be much more presentable. However on a good day and with a god match, Waffles and Phil can far outdo the newlyweds for hype and entertainment translation for all types of viewer; just not always consistently as with the wrong match it can kinda sap hype.