I think a few people are missing fundamental points as to why the 100 was started....(I completely agree with these points by the way, the "outs" etc is a waste of time and as a coach I now have to explain everything in 2 formats, enhancing confusion to younger players trying to understand the game further).
The point is the 100 has been designed ultimately as a rivalry to the IPL and Big Bash. The IPL generates millions upon millions for the BCCI, the big bash works well because 90% of the Australian population lives in those areas. The 100 has attempted to combine the 2 in order to generate a big audience base whilst maintaining fewer teams to keep the standards and pay high to bring in the required players to make it work.
The ECB had to do something, you can't generate an 18 team franchise system as the cost would be to astronomical. They have to also try and get the balance, bring in new fans and maintain original fans (which is something I do feel they have failed to do).
Will I be attending myself? No as I am over an hour away from any matches. Do I feel they should have generated a new tournament? No, but I can understand why they have gone down the franchise route completely in order to bring the money in, the big players in and give it a try....if it works 5 years down the line the ECB will be laughing. If it doesnt work the I wouldn't think it would affect them, they have everything else to fall back on and ultimately the counties are benefitting from the revenue which given the current climate I think is more crucial.