I think a 'Living' campaign would be very positive growth factor for Traveller. It would provide opportunities for a large number of people to 'try before they buy'. Without this, many of those same people might never be reached.
IMO The 'Living' part of the name refers to the persistent environment and not the constant change to promote source material. The main goal, IMO, should be to support the core rules and make exciting and intriguing modules to draw in new players. The campaign should be easy to get into for first time players and be sufficiently different to set it apart from the other Science Fiction 'Living' campaigns.
This last piece is going to be a challenge. How is Traveller going to draw people in without Lightsabres or Troll sized portable miniguns? What can you tell someone that has never even heard of Traveller to get them into the mindset and make the Universe real for them.
My Opinion? More is better. More people to see the game via 'Living' campaigns means more people to buy it and more money to pay for support and suppliments. If you don't like the 'Living' thing, no one is going to twist your arm. I, for one, am going to play it, or judge it, and shout its praises, whatever those end up being, because it is going to be good for the game. Who knows, you might end up having a good time playing Traveller in the RPGA, even if it doesn't have the same depth and intrigue as you home campaign. You could be the one to open someones eyes to Traveller.
My Opinion...