You don't know me, you don't know anything about me
I watch it for the schadenfreude value for the most part, laughing at more than with. The accents and production values are epic, and most of these people have three minutes to try and sell you entertainment.
It is SO much better than American Idol etc because while that show is designed to build people up, Eurovision is the payoff.
Also, having fun with mates while getting pished is great success, really.