I can't comment about the interesting part but it is a very effective way to fill 50 or 60 % of a sunday afternoon bulletin.
On Westcountry news theres enough time for two stories to be read out over some relevant pictures. Then there's the sport, a repeat of the local events diary [I}Whats On West[/I] and the weather and thats it, ten minutes filled with one minute of news.
You should see Look North Saturday, one story read over library pictures and then the sport!
Not that it's an issue though, a football round up is on of the main strengths of the Sunday ITV regional news. I can't see how it is cheap either. Sending a cameraman out to cover every league match in your region and then someone editing it all together into a package seems quite labour intensive