I kind of hard disagree in that a good constructed format requires skill, the problem is WOTC has been so shit about everything that constructed has also suffered massively. Quality Varies set to set but the only ones that don't eventually end up with people getting "tired" of them are the ones with degenerate bullshit like Triple Innistrad.
I think they can, yeah. I mean, honestly - pre-MH2 (arguably MH1) modern was pretty awesome to watch. A lot of variety, a lot of interplay, a lot of guesswork and options for all kinds of decks - huge rewards for knowing the meta, guessing at what your opponent was doing, and rogue brews. Legacy & Vintage were like that as well, but I didn't follow them as much.
Nowadays... not so much. Standard I've never been high on, but the fact that Rakdos Scam so frequently makes non-games in modern and a lot of the format feels like two ships sailing right on by, alongside how Legacy/Vint got assfucked by companions and then Initiative... eh. They need to go in with a cleaver and really gut a lot of the modern, retarded design mistakes to get those back to my kinda liking.
The rares aren't even the best cards in LOTR for the most part, the Powerful for their mana value Uncommon Legendaries blow the rares out of the water..and you can easily splash them because they put in an uncommon land that can filter mana for Legendaries with basically zero downside because so much of the set is Legendary that it is basically a 5 color land.
Oh, yeah, I know, but that's also part of why I think it's a great set. When the rares dictate your wins, in the worst case you get ONE but even in 'better' cases, you get sets like Crimson Vow. I fucking hate Crimson Vow - here, have a 4/4 hexproof that grows other shit and flips to give everything hexproof, you can totally beat that. So many of the uncommons in this set are good but reactable cards, and knowing which to prioritize, which to splash, and what path to take in the draft format is satisfying. It's a little simple, but in all honesty the Ring mechanic provides enough choice during games (and smooths out flood and starvation) that there's still a lot to go by.
And the format is kindof already over, but what makes shit so splashable isn't Gray Havens - that does poorly on 17 Lands overall - but Pelargir survivor. Blue's mythic common, really. The Grand Halls of the Citadel or whatever is also a common land that allows you to splash any of the 2c legends regardless of your own color combination, provided you get enough of them -- and green really shines if you can grab some Many Partings and Wose Pathfinders for just such a reason, to the point that base-green 4/5c legends is a legit strat if the lanes are open. It's trinkety little draft strategies like that which make me love a format.
To be honestly I haven't really given a shit about draft since they fucked with the Block formats, as much as people hated "3 set drafts" I like the idea of a draft format evolving slowly as cards are added to it.
I preferred them this way, too, but I can at least in theory see why it was hard to balance. I liked the way it turned out in RTR-GTC-DGM, beyond that DGM was shit. Immediately after that was Theros, though... and I can't say I was a fan of the way those three sets paired up. It felt jumbled and disjointed and just... not very good. Khans block I also don't have fond memories of - FRF actually worked decently as the small set, but the two large blocks didn't play nice.
What I think they should do, draft-wise, is go back to the two-block format. A decent bit after the second set has released, put out an epilogue-ish set, which has effectively a 'sheet' of new cards and then combines the two other block sets otherwise, ala Double Feature. Shakes things up potentially a lot, but also ensures you don't get another drafting-black-in-avacyn-restored.
In terms of how modern draft formats (LOTR excluded) feel to play... they're generally pretty samey, except for when you have sub-par or shit formats (Crimson Vow, New Capenna, ONE). The color pairs usually do the same things from block to block, so the main difference is how the set mechanics play with those themes. Sometimes works, sometimes they print a 2/1 flying draw a card gain a life for 3.