I've never been one to watch it in mass quantities, but when it's presented right and involves talented charismatic athletes it can be pretty damn good.
Vince's presentation of women's wrestling (dance contests, pillow fights, Santa's Little Helper bullshyt matches, etc.) is where it becomes unwatchable. Not to mention a lot of Divas seem to switch between heel and babyface without any kind of explanation. Vince just doesn't care enough about it to create storylines that make sense. The Divas Division probably gets about 2% of the creative team's time and effort.