However, are they really marvelling at the weakness of the prey, or the abilities of the predator?
I love watching my frogfish eat live shrimp. It is truly a great sight and has to be seen to truly appreciate the speed of the strike, not to mention being able to watch the luring action draw in the prey. I know I should be upset at the plight of the shrimp, but the frogfish is pretty much the pinnacle of aggressive mimicry.
What many people do fail to understand is some people have different values than others. Also, barring the nutritional problems of feeding a goldfish it might not be so bad for it to be ripped apart by a pack of carniverous fish. When swallowed whole, a fish will die of asphyxiation, possibly while digestion commences. This asphyxiation is likely to take longer than a fish which is almost instantly ripped into a number of pieces. While it may look worse, is it really a more stressful death? I am not entirely sure.
Completely agree, and that's one of the reasons I feed things like crickets and brine shrimp. I like to give my fish a varied diet of things similar to what they could encounter in nature. Much simpler than your frog fish example (you've got me wanting a frogfish now too

), I enjoy to watching my yo yo loaches tackling the snails in my tank and my hatchet fish skilfully knock crickets off floating plants into the water. As much as I love keeping shrimp, I'd love to watch my angelfish picking of feeder shrimp from the nooks and crannies in my tank (though I've never seen cheap live feeder shrimp around here).
My fish don't
need these things at all, and it's debatable if they would care if I switched them to 100% flake food. The main reason I feed them these foods from time to time is because I enjoy watching it (nutrition doesn't come into it, because I can and do also buy frozen substitutes) .
There is a very fine line between enjoying seeing something die, and enjoying watching a predator in action.
The thing is with most piranha situations - the feeder fish could easily be substituted for a frozen fish - you are still seeing piranhas behave the same as in nature with a dead fish. Frozen fish are cheaper and easier. The difference isn't all that noticeable when feeding either - there's not exactly that much pursuit with the live fish. In the vast vast majority of cases it doesn't take the piranhas any more skill to catch the live fish than the frozen fish. For someone to go out of their way and use feeders, they must get something extra out of it being alive...which I
personally think is wrong. If they feel that way about a living fish, then surely they are not suitable candidates for the responsibility of owning an aquarium?
I see your point about asphyxiation...and that is neigh-on impossible to judge in most cases. I hadn't thought about that at all, and was pretty much under the impression that since it looked worse, it was worse for the fish....which thinking now it probably isn't

. I still think it's OK with the right intentions and in the right setting though

.
Regardless of if there was more pain involved, If you could mimic a real piranha attack on a shoal of fish using feeders, then
I feel It would be ok, because while a fish is still being ripped up to pieces, It's not that aspect your interested in.
Unfortunately that's something that's not at all realistic in an aquarium setting.
For those out there that do use feeders on piranhas or similar animals, bear in mind that this is only my opinion

.