Modern fencing is also just about the worst case scenario for a martial art being watered down in the name of sports. At this point it's basically glorified tag.
I strongly prefer watching kendo over fencing because of that; the human element in fencing is essentially a technicality as far as I'm concerned as just a guy watching.
You might enjoy this video! The actual topic is the history of Aikido, but it shows some neat historical footage of, for lack of a better term, pre-Kendo Kendo. That is to say, Kenjutsu/Iaijutsu schools sparring using Kendo gear.