I loved it for the first 4-5 years when the writing and storylines were still really strong. And the move of casting David Hyde Pierce in the role of Frasier's brother has to be one of the greatest casting finds in history. They could've expanded the casting call pool by a factor of 1000 and I still don't think they could have found anybody better suited for the role. Like most others here I haven't watched the show much in recent years, but I still enjoy watching it sometimes in syndication. It should have long legs in syndication.
With Frasier and Friends both retiring this year it's going to be interesting to see what happens at NBC and their 20 year dominance on Thursday nights (I realize Frasier's no longer on Thursdays.) Unlike when Cheers passed the torch to Seinfeld (and Frasier to a lesser extent) and Seinfeld passed the torch to Friends, this time NBC currently doesn't seem to have a mega hit show of that caliber waiting in the wings. Will and Grace is probably their biggest comedy hit right now in terms of audience, but it just doesn't seem to be of quite the same audience-dominating caliber that Cheers, Seinfeld or Friends had in their prime. Will & Grace needs the Friends lead-in audience in order to suceed like they have. I know NBC was really hoping to promote Coupling as the new Friends, but it's pretty obvious they've already pulled the plug on that. Scrubs (my personal favorite) seems to be about the only other major comedy they've got left.