Well we have only ever had 1320 racing here at SPR apart from TF (1000ft) and Junior Dragster/bike. The only advantage of running the 1/8th I can see from a spectator point is the fact that we wouldn't see cars launch/stop then go again and run 9.90@150+ etc.
...recently we have had a few 1/8 ml no prep style races on real virgin tracks, seemed to go off ok and there was prize money of £1000 and £2000. Most don't have a clue on how to set their car up from what I saw apart from a few who raced when I was racing 25yrs ago, so could do well at that and pick up some money for a change if I were to have a go again.