I have not been able to find confirmation on this, but sources have told me that Spectator view in BFBC2 is coming and that it will most likely be available around the first or second patch of the game. 

For competitive gamers, this would be a godsend, given that it would allow matches to be properly streamed. Gamers are not the only ones that have been clamoring for it. Many casting companies and online tournament groups have been requesting such a feature from DICE. It appears that they may have heard the gripes and are currently trying to provide this capability.

As it is now, games can be shoutcasted but only just.

Gamestah, the shoutcast company that covers the AusCoD/SE-Asia scene, has attempted to do justice to BFBC2 competition and in fact they shoutcasted a few BETA matches. Gamestah's matches were about thirty minutes long (they played RUSH) and they were very well received.

Due to the absence of Spectator view, Gamestah actually got their shoutcasters to "play" for one of the competing teams in the online game. Both casters chose the Defense side. In that way, even if they were accidentally shot, the unlimited number of Defense tickets would not alter the outcome of the match.

Of course, they didn't actually participate in the action and video capture cards were used to relay what the shoutcasters were seeing. Here is the outcome:

As usual, Gamestah's ingenuity and courage to experiment produced a great shoutcast for the hardcore gamers out there wanting to watch a competitive BFBC2 match. Most casting companies have stayed away from the game because of the lack of basic cast-friendly features.

For this reason, the news that BFBC2 might be providing us with a spectate mode is great news.

On another point, Gamestah has some really great products. Given that the Beta has terminated...as we wait for the game to drop next week, I needed a BC2 fix, so I thought you might as well. So, here's Gamestah's wrap on the BFBC2 Beta Cup in their weekly DEEP INSIDE cast:

The opening jump sequence will go down as a casting classic. Well done boyz.