As a coder I have almost zero interest in watching other people code. I'll read through the end result, but watching somebody type it in? What's the point?
I don't see very many live broadcasts on livecoding.tv at the moment, at least none that interest me, but I think I'll be checking back somewhat frequently to see if I find something worthwhile to me.
It's difficult to get a feel for what you're supposed to be doing from reading a book/blogs/whatever. So it's interesting to see how programmers actually work while coding. Do they stop and jump around? Do they consult documentation a lot? How do they comment? Those sorts of intangibles/questions that guides don't really seem to touch on.
Another is a dose of inspiration to get myself moving.
I think the appeal of watching people code is for people who learn best by example, with visual/audio/story-line cues as reference for learning. Humans love story telling and if a code-caster can weave their coding with their dialogue about how they are going about their tasks, the result can be some pretty powerful learning juice for the brain. YMMV!
Since when is the act of programming merely typing something in? The reason it's interesting is precisely because programming is a puzzle and watching another person solve a puzzle can be very edutaining.