I've never been to the olmpics. But I have been to olympic caliber gymnastic events. I'm a huge gymnastic fan and to me it wasn't boring. The only thing is, during the event, all teams are competing on all the equiptment at the same time. This depends on how many teams compete, etc. When one rotation is done, then the teams move to the next, warm up, and compete. It is slow, but interesting. As for the apparatus finals, it goes one at a time, i.e. floor, all those that qualified go on that first, then rotate to the next one.
I'm guessing that's how the olympics would work as well, for gymnastics.
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