This would pretty much be my exact reaction. When overseas in Europe last year, me and my buddies had a lot of fun making up different types of jobs while talking to girls in order to impress (skydiving instructer) or confuse ("I'm the guy that puts stickers on apples") them. As far as I'm concerned, Speed Dating is just an opportunity to do this 15-20 times in a couple of hours. Combine this with some solid drinking, and I can't see why it wouldn't be a good night. This thread inspired me to look up some events in Sydney in the next few months. I'm pretty dismayed that tickets for these events are going anywhere from $40-$80. That's a bit outrageous isn't it? Furthermore, I've discovered Bar Safaris, which is just confusing.
I wouldn't seek this out, but I don't know if I'd be against it. I'm way better at quick 3 minute elevator game than I am in the whole bar situation. My problem is I figure out people pretty quickly and I wouldn't want to get bored with anyone too soon, even in 3 minutes.