This thread had me convinced to go against bullfighting at first, buuut, upon looking a bit deeper...
I see no issues with the sport, other than maybe the fact the bull is killed, but even then, as was said, the body is not wasted and is at least eaten. There's a lot of people who don't do that and instead leave the corpse there to rot.
Of course, even with subsistence hunting... there's some issues, highlighted in:
http://www.ranting-gryphon.com/Rants/2rant-hunters.mp3 (warning, foul language)
The best good point is that even hunting for food often is not justified, as there's plenty of meat available at your local grocery store. So an animal still died pointlessly, only except they were killed in a slaughterhouse.
Perhaps if they never killed the animal, it wouldn't be quite so controversial.
But, I believe in priorities. I'll put this next to abortion in "horrible" things that need tackling, but only long after other issues such as pollution, poverty, and hunger(which this sport could help relieve, theoretically), are alleviated.