It is (I guess WAS) one of the few original programs. Say what you want about the acting or production, it was never formulaic, and it was an engaging plot with multi-dimensional characters and entertaining (often funny) dialogue.
The one thing I didn't like was Donal Logue's character, he's just awful.
By the way, are you saying that the show Life is overrated, or making a pun about life itself being overrated? Couldn't really tell...