I watch it from different views. But mainly where I enjoy it, but I cannot help but wonder about "What are they trying to pull here?", some other times I'm like, "Oh shit, not this again. Same old shit!!", but toehr times I am like, "Yeah! This is awesome!". It is not "Still real to me dammit!" nor, "I saw that coming!?".
I guess I like watching it from a skeptic's POV. Disecting by what I see and make my own predictions that mainnly turn out right. Look at who's all being used from the roster and thinking about what "Face" is gonna fight this person the company's turning "Heel". I constantly ask myself these questions, AND I also use rumors as references whenever I run into them by accident, like RyBack facing Show or Jericho, Mysterion vs Sin Cara.
I mainly watch it nowadays to see how great a show they can do, even TNA and any other promotion, if the wrestling's good, then stories fly out of my thought balloon, and I enjoy the show as a wrestling fan. But as soon as match or card itself gets tedious, I wonder what deirection the company is taking wrestlers and rivalries. I use 3 resources:
1) Power of Deduction - By seeing what the company allows me to see. (By the way, you are not "smarter than the company" when you make predictions by what you see on TV. This doesn't target anyone who simply comes to their own conclusions, but those who parade around saying they are fortune tellers or wrestling, who can see into the future. You are only taking the bait by what the company shows you). Ugh, moron)
2) History. Learning from the past of what I have seen before and to know what to expect. I do not think I am "wise" by doing this. And if a show is able to stump me in surprises and well done twists and turns, then I congratulate it and give it it's preps, if the twists are crazy and turn out great story telling, then I turn into a mark.
3) *sigh* and sadly.....Rumors. No doubt they tell a lot about what's gonna happen, especially when the company releases them themselves. Though they are not fact yet and are arguable, I just chalenge that rumnor by watching to see for the tell-tale signs. Like if Taker is returning for a match and it looks like everyone has rivalries going into Maina, and Punk is the only big name who has no one and just rants everytime on the mic, then I will believe he in the rumor.
Basically, this sounds like a the majority of fans who love wrestling as much as I do. But this is how I watch it.