I'd like to elaborate on this idea. Also while spectating a match in Mortal Kombat players spectating would be able to place bets in Koins that you can use to unlock items in the Krypt. It would be like OTB but Mortal Kombat style.

Do you mean spectator mode for online as a whole, or just MKD? Because online games have had spectator mode for quite some time, at least on the PC side. It would be nice to have, though, that's for sure. I like the betting idea, too. Though, could be another avenue for peeps to hack, but bleh.

If they hacked youd know it because you would be able to watch them.

better yet, this would or could result in an online rating community where fights could be analysed and judged for various issues without having to record the fight from the television set.

I can see it now, how one side would rate a fight of it's flashyness, the other for it's efficiency.

I think this could be expanded into a more actual arena-tournament-like system online. You could watch your opponents, usuually, before you battled them, and bet koins on the matches. Thus, good fighting observation and analysis would be to your benefit almost as much as fighting, just as in a real tournament; you may end up fighting someone ten times more skilled than you, but if he always leaves himself open to low attacks, you stand a good chance of winning if you know that going in to the match.