After discovering the show sometime around '94, I watched every episode, including the reruns that were on at the time. The varied competitions made it something of an athletic game show, and it was always entertaining. My favorite was always the Eliminator.
Some people have expressed uncertainty as to why this show left the air. Well, watching the reruns you will never realize it, but the big problem with the show was that near the end new episodes became something of a rarity. The "International Gladiators" specials became more and more common, which eroded their mystique and made them somewhat dull. But in the end it seemed like every week (and I mean EVERY week) was a rerun--especially of the episode with Dean Cain, which must have shown at least twenty times. (An exaggeration perhaps, but not much of one.) So yes, the show was canceled without much fanfare, but that's because most viewers thought the show was already over. One new episode every couple of months isn't enough to hold viewers--I don't care how popular the show is.
I was just thinking about the show the other day and how neat it would be to have a traveling version of Gladiators that would work similarly to American Idol. Perhaps it's just nostalgia on my part, but I think it would be quite cool.