Where I do like the actual speed of things in the game, such as movement speed, attackspeed, cooldowns and such, I can agree with the OP that the actual gameplay is a bit slow-phased.
One of the factors that made StarCraft, Counterstrike, WC3, Quake and many other mplayer games so successfull was the action being at display on screen. For those watching Korean Starcraft matches on TV (or though the net) knows what I'm talking about. It's interesting and fast phased, and the games rarely comes to an halt where the sides just idle.
DotA have a much faster gameplay system in hand, since it doesn't contain elements of downtime as Demigod has.
Demigod have flags, much more focus on lanecontrol and a few VERY large maps. Combined with the somewhat slow gamespeed, it's not that interesting to watch. I'm not saying DotA is fun to watch either (I don't play DotA, so maybe I'm missing something), but it would be cool if GPG/SD implemented some features that made the game more thrilling to watch.
Watching Conquest, Fortress and Domination replays are just plain boring 
Note: Sorry for horrible english.