It is, like most anime that aren't running for a set number of episodes, prone to dragging on for a few episodes, then hooking you again just when you're about to tune it out. The battles can play out a bit like DBZ fights, but that's not generally the case. Dragonball Z was all about power levels and powering up, whereas Naruto is all about sneakification levels...
A:"You fell into my trap!"
B:"No, I saw your trap, and set my own!"
A:"I know that, and I prepared a secondary trap, hence YOU are the trapped one!"
B:"Nice try, but I've got infinity traps, period!"
Surprisingly, this is addicting to watch, and once you've been peer pressured into doing the first story arc, you'll be hooked just enough to try the second, then by the third you'll be selling organs for fansubs.
The best part is that it doesn't try to blueball you like InuYasha (or other R.T. works) with the "I love you, idiot!" crap. The crushes in the show are stupid (like the crushings of 12yr olds actually are), and the characters almost seem aware of this... to a point.
Also note: There are already a lot of "Narutards" out there, and there'll certainly be a lot more when Cartoon Network starts airing it at the end of the summer. So, if you're trying to keep your obsession in the closet, it's going to be pretty hard.