I don't watch it, but when my sister comes over she feels obligated to turn it on.
I personally think it's incredibly fucking stupid, but I can see the niche it fills. It's got all the "drama" of a regular soap opera crammed packed with outrageous paranormal stories.
Whenever I get the "opportunity" to watch it I solace myself with the fact that Tabitha is pretty funny, Julian is the man I want to be, and Sheridan is easy on the eyes.