With the right fights it can definitely work.
Aldo vs Edgar (my early pick for fight of the year)
Reem vs Bigfoot
Evans vs Nog
Benavidez vs McCall
STACKED, don't need anymore fights than that. I'd gladly drop 50 for those 4 right there. Show 2 prelims on Fuel and call it a night. You'll have 6 solid fights which is still a long night of entertainment. Bump the rest of the fights to a free TV card or another PPV that needs to be beefed up. It makes it a whole heck of a lot easier to follow the UFC too, as you won't have to login and stream fights from facebook to know who's who and see some of the upcomers. I'm cool with the UFC running a lot of events, but I'm not going through 3 different mediums in one night to watch it.
Better & more free fights, higher quality PPV's, and easier to follow.. win/win/win