Hmm, too bad there's no down arrow. Seriously, folks, it's 2011. Homophobia isn't clever or funny. It's not even all that offensive any more...just sort of tedious...
There's value to the experience of being on a team of people, working towards a goal you all believe in, all giving 100%. Agreed, you wouldn't want to do this 365 days a year, but I think it's important to understand the state of mind required to do this, so that you can call on it or recreate it for circumstances that merit it.
It's definitely easier to do this if you think your team is going to "win". In fact, if you don't think you stand a reasonable chance of winning, you may as well just go home.
But: If people thought too much about statistics, no one would ever try anything new. So I don't think that being able accurately to gauge your chances of success is actually that important (never mind the fact that it's essentially impossible).