I used to watch every show but stopped around 2001 when it got repetitve. Now I try to catch at least Raw because some of the all time greats like Michaels are around and I just totally mark out for Jericho. I wish he would get in the main event picture but seeing him do his little interview segment is good enough for me.
Smackdown is likely the better show but I can't really get into it. The cruiserweights are the best. That was the only reason to watch WCW back in the day. I've been a wrestling fan for years going way back to the Hogan-Warrior days.
My current favorites are:
Raw: Jericho, Benoit, HBK, Orton, Christian, Edge
Smackdown: Mysterio, Angle (), Guerrero, RVD, Booker T
Randy Orton is pretty much the only newschool person I care about. His arrogance is great.