I certainly don't watch it, but as some of you know, my stepbrother is in wrestling. I've heard a lot about wrestling from him, and even put myself through the torture of watching him in person once.
It's a silly form of entertainment, but I have some respect for it (not much, but some) for a few reasons:
1. It gave him a great opportunity to make something out of his life. Without wrestling, he would almost certainly be in jail right now.
2. The people in wrestling, for the most part, are really good people; his ex-wife, Sable, is just a real sweetheart.
3. They really do beat the crap out of each other sometimes; he's had multiple (and severe) injuries and surgeries, and frequently gets his noggin cracked open. His body has taken some real punishment from this.
That's about it, though. I definitely find it a fascinating yet somewhat sad form of entertainment.