Well, it took them a few days, but finally Virtual Spectator have released their 3D race viewer..
I just installed it, and it looks great. You can follow the race from different camera angles, (orbit, fleet, ship, helm) and there are many options to choose from. The graphics are delicious. Sorry I can't add a screen-shot.
As it is the first day of release, I expect they will gradually improve it as time goes on..
If you want to try it, all you have to do is register..
Here's the page which explains it. Enjoy..
http://www.volvooceanrace.org/news/article/2008/october/virtual-spectator-delayed/index.aspx