RE: I don't get it...
For me it's all about bashing and having fun. I run touring car, that's it. My race car only runs indoors, so when I want to bash I have a TL01 I can go cruise the parking lot with. It's not much fun just driving around an imaginary course in a parking lot. You can't exactly jump curbs, do hill climbs, or go off road with a car like that. Drifting is the best alternative and it's mass more fun to watch.
There is something entertaining to watching your car do a 30' sweeping turn with it's nose pointed in towards the apex the whole time. Or flying up on a curb, sideways, and sliding along w/ the rear parallel to it for twenty feet while the rear of the car is only 4-5" away. It's just more fun to watch, especially if your down low with the car. If you get a few cars together on some form of course it's a whole lot of fun.
It's also more fun driving the car like that because it takes more input from you rather than just your typical full throttle bashing. It takes way more finess. I drive with a couple of guys, one hasn't been driving long - and it's obvious - he can't control his car. It actually takes some skill to drift well. Not to mention you can do some wicked bat turns.
As far as RC Drifting goes, I'd have to disagree with it being faster than normal racing. I think it's much slower in general when your talking about ABS wheels that get little to no traction, so your acceleration sucks. Most of the RC drift racing I've seen has been a much slower pace, but I could be wrong.