I'm happy when the favorites don't win; I like seeing the underdogs play and win. I just find it's more enjoyable to watch them play, and if they beat a favorite, all the better. It's why the TPA v M5 matches from Season 2 are significantly more memorable to me than every other match. M5 getting shut down by an underdog was intensely satisfying and exhilarating to watch.
And when they move on to later rounds, they tend to play all the better after the morale boost of beating a favorite. So their plays are much more enjoyable to watch.
That being said, I'm rooting for WE :s I like the Asian teams better than the Western teams. More fun to watch.