chess plays well on the internet imo. chessvideos.tv chess.fm watching live relays on fics/icc has all been major parts of my routine at one time or another. but tv seems like an awful format. i wasn't too impressed with the kramink-deep fritz match that was televised on espn a couple years back. i think maurice ashley and yasser seirawan did the commentary (among others). i don't think blitz would improve things much either. i just can see myself watching a 30 or 60 minute program of all blitz chess where i can't replay moves/analyze independently easily and i have to deal with commercial breaks.
chess has always done better on TV than could really have been expected I thought, even though it has rarely been tried. For example the Channel 4 coverage of the Kasparov-Short match had a lot of people interested at the time.