Does it really matter if some of the most entertaining series occur in the first round or the conference finals or whatever? Celtics/Bulls in '09 was one of the most entertaining series ever and that was a first round matchup. Did it really deter from the remainder of those playoffs? (Celtics being sans KG was a much bigger frustration, IMO).
Entertainment is entertainment. Sports being the most unpredictable brand of it.
Well, it should matter to the league because the best ratings are always going to be for the later rounds. More fans tune in to watch the Conference Finals and Finals than tune in for the first round.
The most exciting matchups, one would hope, would tend to occur later in the playoffs. Obviously it's a nice surprise when a one-sided-on-paper matchup ends up becoming an epic series, like Celtics vs Bulls in 2009.
Also, it's a matter of quantity. When two contenders go at it in a grueling 7 game series to open the playoffs, though, that's not such a good thing, because it means one of the more exciting teams to watch only gets, at most, 7 games.
Or are you happy that the Spurs got knocked out in round 1 and we got to watch more of the Rockets, Wizards, or Bulls, instead?