Yea, well the excitement is high, but passion is a more iffy prospect. I think the quality of cricket is higher than some give it credit for though - if only something like this was commercially viable for FC cricket, it would be my wet dream. With that said, I don't buy players being more passionate about Somerset than Rajasthan, if they played for both. That doesn't mean they are particularly 'passionate' about either.
Most professional sports players are highly competitive, so in any competitive environment, they generally go all out. Money is a good motivator though, and you can already hear whispers of people quitting their Test career for their country early and choosing IPL. A trend that is both dangerous and upsetting.
Last year the IPL attendance was 58,000, making it the second most attended league in the world (after the National Football League in the US), so a very strong baseline interest is there. Now its up to the organizers to keep that up and not ruin it with two hour long commercial breaks and things like that.