I find it very entertaining and interesting, mainly for non-musical reasons. It's a fascinating insight into the culture of the countires who ultimately control Europe and the UK.
On the one hand you've got Eastern European nations craving acceptance by the west and seeing Eurovision as a way to achieve this, entering their top stars and spending millions on production, meanwhile established western nations take the p1ss out of the whole thing (apart from the UK, who don't really know how to approach it any more).
Musically, amongst the dross there are always a couple of pleasant surprises and credible songs that would stand up well in whatever their genre is.
However I haven't been sreiously into any Eurovision acts since Bucks Fizz in 1981.