Traditional martial arts, pretty but ineffective?

i was watching ISKA competition on cable tv yesterday, and there were guys doing incredible kata's with flips, high kicks, spins, etc. there was also what looked like choreographed sparring where a guy would take on several of his students and show his countering techniques. i have great respect for these martial artists but i was also thinking none of these guys would likely last a minute in the ring with matt hughes, st pierre, rampage, etc. it might not be fair to compare MMA, which is a sport, to traditional practitioners, but on the other hand, because of MMA, is there not overwhelming evidence of what works and what does not? i don't think randy couture has a black belt, but stallone was talking about how he had most of the cast and crew on the expendables in "fear" because couture is "the real deal". (does that include jet li? hmmm)