I remember watching this show when it first came out, when I was about 13 or so. I recall enjoying it but not really "appreciating" it. When I watch it now, I can really appreciate it, though I can also see its flaws. The main flaw that I can see is its lack of linear storytelling - the epsiodes tend to have very rambling stories with a hazy plot and even hazier subplots. However, the storytelling itself is fun, if you don't mind scenes that contribute nothing to the plot (as it were).
The *best* thing about this show is its characters. People who say Ed Grimley is a stupid character probably have never taken the time to really observe him. I think he's terriffic, and I just can't get tired of him. The show's supporting characters are great (Wendell is my favorite, I'd love if he were *my* little brother). Count Floyd is my HERO. And Miss Malone and Ed totally belong together, "no question." Too bad the show didn't last long enough for that to happen. But in my mind, it did in time. :)