I tried rewatching this recently on Hulu....The show hasn't aged very well, especially when compared to stuff like The Flash, Arrow, and Supergirl.
The best thing about Smallville is Lex Luthor. That show has the best live action Lex Luthor we've ever seen. The interactions and relationship developments between Lex, Clark, Lionel Luthor, and Jonathan are highlights of the show.
The love triangle shyt dragged the show down severely, the exception being the Clark/Lana/Lex thing. Once they finally put them together the Clark/Lois relationship actually worked out really well. The woman that played Lois was bad ass fukk and she did the best job with the character since Terri Hatcher (who plays Lois mom in the series).
Like someone else said, the show can be cheesy as hell sometimes, but it has some genuinely great moments. The show completely tanks when Lex leaves though.
*edit*
Now that I think about it, a big problem with this show is the filler episodes. There are tons of episodes that have nothing to do with the larger story, just some ol monster of the week bullshyt. They used to lean heavy on "meteor rock" mutations and tech to create obstacles for Clark to overcome. They also did a lot episodes inspired by other films and tv shows at the time, like they did a Fast and Furious episode that was TERRIBLE.