Stadium Branding. Really?

In this day and age of metric driven marketing, "ROI"'s, matrixes, quadrants and share of voice or mind pie charts, I am amazed that stadium and arena naming is still a sought after form of marketing. Is there really any value for the consumer in this type of activity?  Or does it simply come across as bragging, forcing the public to roll their eyes at your brand's hubris?   Is your brand providing value or providing noise?
Okay, I know that along with naming rights comes special hospitality features and perhaps guarantees that your soft drink will be the only one sold in the building.  But beyond that, does inflicting a brand name on a building really change the hearts of consumers and is it worth millions of marketing dollars?

Exhibit A:
Not to pick on anyone, but recently I was in Cleveland and came across the arena where the Cleveland Cavaliers play.

Yup, the Quicken Loans Arena.  Seriously?  That's just not a good name.  That's just not providing a good brand experience for anyone.  And most of all, it isn't even practical. To make it a name people could use it had to be shortened to "The Q".  Look at the top of the sign...the name on the name.  I rest my case.  This stadium/arena naming thing is out of control.  If you want more examples you can go to Silly Names to see more.
Did I say I rest my case?  Sorry, I'm not done.
Next door to the Quicken Loans Arena is the home of the Cleveland Indians baseball club.  The stadium use to have a great name.  Jacob's Field.  "The Jake".  I didn't know who Jacob was I didn't care.  It just felt right and it felt good to say I've been to The Jake.  You smile when you say it.  But I have since learned that it is now Progressive Field in honor of Progressive Insurance's marketing budget.  I don't know what role they play in the park experience but now everyone gets to say...with a sigh...I've been to Progressive Field.  And I don't think people smile when they say that. I don't know about you but I go to stadiums for fun.  Thanks Progressive for taking some of the fun away.
But that's not the end of it.  Every square inch of a stadium is for sale these days and somehow they find marketers willing to pay to slap a their brand name on to a board or post.

Exhibit B:

OMG!  Seriously?  How do you even tell what the score of the game is? Maybe there is an app for that.  Actually there is. Okay, I'm having a little fun here, but I'm also not making any of this stuff up.  Sometimes we marketers do some very silly things with our budgets.