I used to watch it up until 2003 when everything went to $#!t. The story started getting lame and just outright embarrassing to watch.
My brother would tell me about it every now and then, (He still watches it even though he openly acknowledges that it still sucks) but I haven't watched a full episode of Smackdown or Raw in like 10 years.
I did watch it for the story, but the truth is that no matter what the writers do with it, the characters are still uninteresting. The only people who are even remotely interesting to watch are people who still work there from way back in 2000 and older. The new people have no charisma, no attitude, and nothing about them really stands out. The newer wrestlers are nothing but archetypal "athletes" with no memorable attributes whatsoever.