I have no comment to make on the quality of their shows and analysis, but ESPN is important for us here in Australia. It's our primary source for coverage of the 4 big American sports, and it does a reasonable job with all of them, although football and basketball get the most air time.
Of course these days you can get streaming subscriptions for each of the individual leagues, so I've got a NHL TV one, but if you've only got a casual interest in any of the sports and aren't overly bothered as to which games you can watch then it's good to have.
I suspect what's happened with ESPN in recent times is that increasingly a lot of their money is now made from selling the transmission rights to overseas suppliers and the associated advertising revenue, be it in our small Aussie market or the much bigger ones in Asia and Europe. The commentary, analysis, news and opinion stuff doesn't matter so much in those markets, where it's mainly just about delivering the actual sports product, so it's probably been neglected as no longer important to their business model and bottom line.