Gee might have to split into a UFC thread. I could go on for ages. I will if anyone deems it worthy of such.
Grappling is a huge aspect of the game. Not only can it help minimize damage to yourself, but it can also tire out your opponent greatly physically and mentally if you're able to outwork them and apply pressure by outworking both in the clinch ( Stand up grappling basically ) and on the ground and work in strikes more damaging to your opponent due to your position over them and preventing damage to yourself.
As far as the aspect of a ground and pound fighter like a wrestler ... They're very skilled at taking their opponents down through wrestling skills they learned by doing collegiate wrestling and things like that. They're able to avoid taking any strikes, work their way to take someone to the mat by any form of takedown and try to work for a dominate position to land strikes and inflict damage while not taking damage themselves from a downed opponent.
The fighter on the bottom is forced to deal with the full weight of someone on top of them and try to work a way out, or pull off a submission from the back. This is a very tiring process and if someone can hold you down and work the aspect of the ground and land solid blows in good posture you can easily be TKO'd or knocked out, if not tired out from all the extra weight bearing down on you if you're unable to escape.
It's a good way to mentally take someone out of the fight if you can employ a good ground and pound style of fighting. If someone is being brutally pounded on, struggling to get the weight of the person on top of them off or try a submission, it can wear on you or even cause an end to the fight.
Now I will admit that some fighters will stall when in any sort of top position, and this is lame... But it's also why UFC implemented standups when the ground game comes to a stalemate with no improvement in position by the person in top control or any attempts to seriously end the fight. Which is good for the fighter on the bottom if they're able to lock it up and earn a stand up.
I can understand why this may be hard to understand or enjoy, but once you understand the ground aspect of the game... Wrestling... Brazilian Jiu Jitsu... Judo... Etc... It actually becomes interesting to watch as it's sort of a chess match in some ways of fighters are equally skilled on the ground. Jockeying for dominate position to land fight ending blows or submissions.
The game of MMA is so deep, and while all the knockouts and such are cool once you understand how much skill is required to become a true MMA fighter in all aspects and understand the difficulty of things like the ground game and clinch and how important they are in a fight you'll think all the more about the sport. It takes great mental toughness and skill to become well rounded enough to actually dominate in the sport since ANYTHING can happen in a fight.
Here's a great example of overwhelming an opponent with strikes to earn a takedown to ground and pound, and ref stoppage due to the inability of the other fighter to defend, by Fedor Emelianenko. One of the worlds best MMA fighters:
http://www.youtube.com/watch?v=8aAN-dO8ea0
