I think there needs to be a distinction between MMA and UFC. MMA is just "Mixed Martial Arts", it's knowing and training in many different arts. UFC is a sport competition that allows techniques that happen to come from various martial arts areas. UFC is not really MMA fighting, though. One thing Andrew said was "You wear a guy down with strikes, burn out his energy and look for a finish". That works in UFC but is not a good fighting strategy.
The UFC strategy seems to be "strike until you go down", and if you perfer striking than the strategy becomes "get back up out of of the grapple to go back to striking" and if you prefer grappling and submissions than it's "stay down and try to gain the advantage position".
Also, as has been pointed out, they seem to know who they are fighting a long time in advance. I doubt most people who get n fights have time to study the tapes of their opponent's last fights to form a strategy
In fighting, whether MMA or not, you don't get five or fifteen minutes to wear your opponent down. If you prefer striking, you break is leg, break his arm, shatter his trachea, but him down fast and hard *now*. You make the other person want to stop the fight, and if they dont, you make them unable to fight. If your prefer grappling and submissions, then get the guy down where he's in no position to move, but make sure you keep yourself strong and in control. Getting a guy into a guard may keep him still, but if he's got friends then you've got a problem. Also if you are expending more energy to hold him then he is to escape, than faitigue is an issue and there's no clock to save you.
An example, TKD is, rightly, criticized because the scoring encourages high kicks that would not be nearly as effective on uneven or difficult terrain. UFC I think does the same thing. Try shooting in on someone with a knife, trying holding a guard against someone while you are lying on asphault or sand or broken trash
So I think, in regards to the original post, that I don't think submission has killed MMA. MMA is still MMA and if you train mixed martial arts for fighting than I think you are likely to avoid those issues because your focus is different.
Rather I think that submissions allow one person to 'control' a round, at least for a length of time, if you will, which makes it a good way to win a round and therefore it's an attractive place to go, so within the scoring of UFC, submissions has led UFC to become rather narrow in it's focus.
Now, if you *like* to watch submission fighting, and that's your own perogative, than it's just a matter of taste. For myself, personally, I'd like to see a wider variety of applied techniques; better use of footwork, both defensively to evade and offensively to close in. I'd like to see more variety in the punches such as to the solar plexus or kidneys. If you are defensively fast enough to block a punch then you should be fast enough to trap it and knife hand strike the tricep. Lot of ways to strike to remove the will and the ability to fight then just punching someone in the face. Etc, etc...etc... I mean, for my personal taste there is a lot I would *rather8 see, but it's just personal taste.
UFC has become what UFC has become because the the rules they use and the way they award points. If you like it or don't, that depends on what you like to see.