A new "Observer Mode" is coming soon to Evolve. As you may already be able to guess, it's simply another name for spectator mode. One of the first things mentioned on the Observer Mode information page is how this can be used for shoutcasting. They really want this to be the hot, new esport.
BE A SHOUTCASTER!JUMP BETWEEN CHARACTER CAMERAS!MINMAX THE HUD!
We have created a custom HUD that gives you vital information about everyone playing without the on-screen clutter. Want to see stuff like the current perks being used and expected survival odds? Done. Want to overlay the minimap? No problem. Just want to enjoy a cinematic angle? Toggle the whole thing off, kick back and enjoy the view. On top of all this, you can even outline characters, making it easier to see them across the map.

DAISYCAM!

If you want a look at the Observer Mode, you can tune into the Evolve Twitch channel on Thursday at 3PM (PT) for a "pre-recorded livestream" showing the Observer mode off.