Georges St. Pierre has not fought since his UFC 129 bout with Jake Shields due to a knee injury while training for a title defense. That defense was originally scheduled to be against Nick Diaz, but Diaz skipped press obligations and the UFC punished him by giving the title shot to Carlos Condit. Then GSP got injured and the Condit fight was postponed while Diaz ran through B.J. Penn so impressively that Dana White and the UFC brass decided to move Diaz back into the title shot.
GSP would then suffer a major injury to his ACL, shelving him until mid to late 2012. So when the UFC decided to put Carlos Condit and Nick Diaz against the cage from each other for the interim welterweight title, with the winner to face GSP upon his return, it's no surprise that Georges was cageside.
The UFC released video of Georges at the fight, and that can be seen here:
I'd be interested in seeing these videos continue for future title contender bouts.