I don't watch a lot of TV, except for The Office, Weeds, Entourage and E!'s Soup. I think I hold this show in good company.
I love the scathing review of pop culture that this show gives. Soup also helps me stay on top of what people in the office are referring to when talking about a Sanjaya or Heidi Montag (sp?).
The best part is that Soup shows clips of the highlights of these shows, which are usually the funniest or most controversial moments (c'mon, most people get hooked into watching American Idol because of the freak show that are the auditions), which is why most people claim to watch. And that means, I don't have to suffer through the other 98% of these mind numbing talk shows or "reality" shows, for one nugget of "funny" or "shock." The only reason why Soup doesn't get a 10 in my opinion are sometime the sketches are not that funny, and on an even rarer occasion, the commentary isn't always up to par. But they can't all be home runs either, if so, Soup wouldn't be on E!.
Joel's quick wit and Soup's writing team (which includes McHale) make for a great show. I happen to enjoy the laughing and comments from the crew who are off-camera. Even when they're being blatantly obvious by giving occasional courtesy laughs, it's hilarious because it IS forced. They're obviously being ironic. And that's part of what makes this show funny.