I say put a 3 fight preliminary card on Spike together, and have this match as the main event of that card. I really don't see it going much different than their first fight though. Granted, Hughes isn't the dominant force he was when he fought Royce in '06, but look at his performances against Renzo and Almeida.
This is a pointless match, beyond Royce trying to avenge his and the extended Gracie clan's losses to Hughes. But for some reason I am interested.
Bring on Hughes, the second Gracie Killer!