From a dirty foreigner's POV....
I love it.
Politics aside, it's just plain entertaining. Even the utterly horrible entries are entertaining if for nothing else but the train-wreck effect. And every now and then there are some truly great songs, although I wish more countries would sing in their native tongues even if the words are unintelligible; as someone else pointed out, you don't have to understand what they're saying if the way they're presenting it is beautiful.
Even though they never get anywhere, it's also rather neat to see some of the comedy entries from countries who know damned well they're not going to win, but go out there and have a good time anyway.
It's very easy for some to take it too seriously, get upset with the politics and the fact that it's several hours of Euro-fluff, but from my POV, it's just great entertainment.
As an aside, I happened to be living in Norge when they won in 2009 (I think it was). The partying in the streets afterward was something to behold. Was at a EV party hosted by a work friend and everyone there went absolutely mental. Great times. So down vote away as I know I'm in the minority here based on most of the comments so far, but just understand that from the outside some people just accept and enjoy it for the outrageous, silly but fun spectacle that it is.