1st bold: yes just like the NFL. Everyone tunes into jacksonville vs the jets. and the counter i know will happen is that but the change is still better than current set up, but that's using the idea that the teams are exactly as they are now. they won't play a full "conference" schedule and you're still going to look for wins how you can get them. further, there's only so many TV channels to broadcast games on. almost never is there "nothing" to watch in any given TV slot all through the year and there will still be the same random gaps when the TV time slots just feature meh things, like they do now
2nd bold: yes that's fun while it's new. Just like it was for Penn State and Nebraska. Teams will fall to Rutgers/MD levels and then it's going to be boring again.
3rd bold: the diehards may like it while the team is competitive across the board. but they also won't like it if you sacrifice any rivalries. Further, depends on who you are swapping out each time. Trade any rival or Nebraska for USC/UCLA and no it won't. You're going to lose a big traveling contingent both directions and, again, it's fun when the teams are competitive only (you'll still always attend for your rivalry games and you're now diluting your pool of those)
I think right now it's too early to see how it will all play out. But there are worrisome trends to me in that the networks/conferences who really only care about money are moving towards that, the greatest money making model, which will hurt CFB in the long run. We shall see but it worries me that this type of model won't be sustainable for the majority of CFB and we're going to see more divisions develop to try keep it straight (can't imagine the B10/SEC are going to be thrilled with G5 conferences stealing bids from the CFP in the future)