I'd watch it if it weren't for that stupid, obnoxious Tracy person they always have. Alec Baldwin is fun to watch, Tina Fey is so-so but it's light and engaging enough.
I could watch Tina Fey read the phone book, but the show doesn't do much for me. My wife watches it a lot and I chuckle from time to time, but that's about it.
I DVR it but usually only watch it as background noise or delete it. I do love Tracy Jordan's character though, cracks me up. He does over the top very well.