Many people are complaining that the UFC lightweight division is boring.
The real reason why the fights are not as exciting as their counterparts in japan (shooto, etc), is because of Zuffa's assinine selection process of which fighters to keep on their roster.
In Japan, the fight organizations are interested in having exciting fighters. Thus, many fighters go for broke.
In the UFC, none of the fighters know what they have to do to keep their jobs. Do you need to have a successful record? Or do you have to be exciting?
Sadly, it seems like a W is much more important to them than how you fight (unless you one of their chosen fighters- Baroni, Lawler). That's why you have exciting fighters fight so lousy and boring, they just need to hang on to the W for a paycheck. (See Thomas fighting Serra, Yves fighting Franca)
Ironically, you see someone like Matt Serra, who has a very successful BJJ school going for broke when he fights, because he does not need the UFC paycheck to survive. (Then again, I have no idea why BJ Penn, who is financially stable has fought lackluster fights).
If Zuffa had guaranteed contracts and a general policy to keep all exciting fighters, they would have amazing fights in the lighter weightclases. Even the beer guzzling redneck fans would appreciate them.