Are we talking anime/manga or are we talking real life? If it's real life I say screw that. Ain't nobody got time for that. If we're talking anime/manga then I'd say it can be quite entertaining when done right.
I have to echo what N1RV45H said. In reality, hell no! No one wins in that situation...well maybe the person caught between the two other people would be the winner. On screen, however, and especially in an anime, it can be a real guilty pleasure. Hard to tear yourself away from the drama.