Agree with you Stodge. The overseas element adds intrigue to an unusual event. Let's face it, some of those M Cup winners/placegetters never get near winning another race. If I am worried about 'elite' form I look to top WFA races, here and in Europe.
If we were really worried about stayers we would have heaps more 2600/2800/3000 metre events, like they do all the time in France/Germany/England. Make them for decent prize money and suddenly you will have breeders and owners being a little more patient with our sometimes immature 3 yr olds, bringing them along slowly, trying to build a good cups horse.
Instead if you have a decent three yr old you rush its prep, sling it in a Derby whether it is ready or not and at times wreak havoc on any future for the horse.