Hmm, I think I'd be frustrated if I couldn't join in. I don't want to masturbate alone. What's the fun in that?
It'd also have to depend on the relationship I have with the couple. Are these attractive strangers? friends of mine? Would it be weird?
Actually, what's more exciting is watching a het couple without their knowledge of it. I think it's more exciting for some reason.
I'd probabely watch out of curiousity, but I doubt I'd enjoy it unless I were invited to do more than watch.