It used to be a stand-alone race with names from all over the world. Now it is a crown-jewel-type race in the izod IndyCar series (at least I think that is right-I lost touch when there was two competing series and all that). I do try to watch it. I don't even recall there having been the big announcement of the Official Pace Car selection - that used to be big news! I must say that the record number of lead changes does show that the cars are not just running a 220 mph parade...they can pass. The rear bodywork on these cars really thew me off though. Not nearly as open-wheeled as they used to be! The final lap is always the best one to watch!!
That said...is the Indy 500 relevent? I would say that yes, it is relevent. Not nearly as much as it once was, but I do hope that they do continue the traditions and hope they can find ways to keep it as relevent as it can be.
I also watched the NASCAR Coca-Cola 600...Another great race. Too bad we up here in teh Great White North had our long weekend last weekend...I had to get up for work this morning after going to bed at about 11PM!