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How many ads would be too many? Here's an example from another arena: the free on-demand-video from FX networks that I can get on Comcast has too many ads, I prefer to wait till I can see it in its entirety. One ad at the beginning would be fine, but interrupting the story is not. My wife would put up with more ads, because she watches regular television fairly often and is used to it.
That aside, I can still see an avenue for the local use of devices. For example how about being able to hook up to locally hosted server that broadcasts the scoreboard? For those of us who get the cheapseats, it would be great to see the replays on our tablets, or to see close up the detailed data.
Then how about real world social media? We could all be commenting and chatthing about the game with people inside the stadium. Then at breaks, use GPS and find each other and hook up. Maybe some "love connections" could be formed, or just a bunch of people having lunch at halftime.
Each major league game is a combination Flash Mob and media mashup. Why not make more out of it?