Yeah. My recommendation is a specific approach to observing high-level play. It's really easy to watch someone who's 15-0 on Vayne end a game, but it doesn't tell you much. The important thing is figuring out how he got 15-0 in that game.
What you should do is, when you watch someone, you need to pick apart the things they do and why it's different from what you do. For example, you're watching some bot-lane play, and seeing the back-and-forth between supports and marksmen. Where are they standing, relative to the minions and each other? Where do you stand? Why are they positioned where they are? Some things are going to be more obvious, like watching people CS and learning how to do it. But, lots of things are subtle. Positioning is really hard for lots of people to pick up, and it's something you're always learning more about. Small changes make big differences, in that regard. Itemization is another thing to look long and hard at. It's easy to follow a "build" for a character, but good players don't do that. They buy the items they have to, in order to win, however they feel that is best accomplished. There are good and bad choices for items, don't get me wrong. But, knowing when you need to change your itemization plan is important.
Also, don't underestimate the effect of Runes and Masteries. Individually, yes, the effect is really small. But, collectively, they make a big difference. Proper Runes and Masteries is where a lot of your statistical power comes from in the early game, and it can give you a big advantage over people without them.
Edit: One more thing. Make sure you don't get so bogged down in mechanics and micro-level play that you neglect overall strategy. One thing that happens to a lot of players trying to get better is that they focus really hard on laning, matchups, and all these great things, but they still lose games because they don't know what they should be doing, where they should be doing it, and when. You need micro, but you also need macro. Both are important.
