For all the talk about Tennessee as a second-tier program, they are still the #5 program of the 2010s thus far and will continue to be as long as they rack up #1 and #2 seeds and make the Elite 8 or better, which they are certainly poised to do. That is a decided departure from being the #1 or #2 program, which they were in the 1980s (#2), 1990s (#1), and 2000s (#2), but it is not the same as a precipitous drop. They just signed the #1 player in the 2013 class, continue to bring in AA talent, continue to be televised nationally to a significant degree, and continue to have well-attended games.
UConn currently has existing series with Baylor, Stanford, and Duke, and a home-and-home with Maryland. The Notre Dame rivalry has been discontinued for the time being, as has Oklahoma (not much of a series in any event). UConn is also entering a profoundly mediocre conference which will soon be without Rutgers or Louisville.
Personally, I'd much rather UConn have more than three interesting regular season games a year. How interesting Tennessee is as an opponent can be debated, I suppose, but to pretend that it's not a markedly better game than, say, Oregon or College of Charleston, or even Ohio State or Florida State, would be downright silly. It's a good game, one involving the two programs with the largest fanbases and the most history, and it's worth restoring. It's good for both programs, and it's good for ESPN.
I don't really give a damn about Pat Summitt's accusations, as they did not stick, nor have they materially impacted UConn as a program or Geno's standing in his field. What matters is that the top 10 programs play one another, as those programs have the lion's share of the talent and quality coaching in the sport (save the odd exception like Brian Giorgis).
The series will return. The fanfare may not be what it was in 1995. Nutmeggers may not risk life and limb in the middle of a blizzard to pack the house like they did in 2003. But they game will be played, it will feature between 15 and 25 high school AAs, it will be a hot ticket, and, when played in Knoxville, it will be one of the more hostile environments UConn will play in (never a bad thing). Knightsbridge's question as to what the appeal is at this point certainly could elicit a range of responses, but the converse question, namely what is the downside, categorically elicits the response of "none" as far as I'm concerned. Dogmatic protestations to the contrary, I'll be delighted when the series renews. If you're not interested, perhaps you can get your fill of women's basketball teams from Tennessee by attending the Memphis game. One can only imagine that tickets will be readily available.