I grew up watching this along with "GI:Joe", "Ghostbusters", "Teenage Mutant Ninja Turtles", "C.O.P.S", among others. The original "He-Man and the Masters of the Universe" was just a liiiitle bit before my time. Now although this show was only on for like one season, I think it still had a great plot and great characters.
People say they don't like this show because of a couple reasons like, the fact that it was so different from the original, or that it was basically just a front to sell more toys. I guess the only thing frustrating about this show for me was that every episode seemed to be the same (with just a few minor exceptions). You know, Skeletor comes up with some hair-brained scheme, which always seems like it is going to work but then low and behold he or one of his cronies forgets something or screws something up and the plan is foiled. Then it was always "I'll get you next time...Heeee-Man!!!!"
Regardless, I still see this show as a part of my childhood and I'm proud to say I bought the DVDs, and I plan on watching every episode at least once more.