I'm a closet fan but yes, I'll watch it if it's on tv in the mornings on the weekend. I can't follow all the stars but I do notice the better looking ones ie Ashkay Kumar.
I'm a sucker for their traditional morals that conflict ironically with the image they portray. Sometimes they are just as cheesy and corny as the more popular HK movies. Mainstream elements of entertainment I guess.
Okay, being Indian, I suppose I'm biased. I love them, but I'm very picky about what I'd classify as a good movie.
I personally think some of the 'masala' films that most people see are some of the most horrible things ever. I especially hate the amount of sex that has become standard in them. Some have become vulgar and I think that's wrong. But the ones that don't, like Main Hoon Na, Om Shanti Om, Saathiya, etc, are wonderful, even in their huge dance sequences.
Meanwhile, I also really love the movies that really depict lives of people there, like Delhi-6, Jaane Tu Ya Jaane Na, and A Wednesday. I personally think that more people need to advocate non-masala films and art films. They are some of the most beautiful pieces of cinema I've seen.