Six pages in (hell you guys are picking up the pace) Nine pages in, I'm sure at least one or two have given their thoughts but I'm not going through the pages, so I'll throw mine in.
To start, I originally had the same question. Even after many answers I am not entirely sure myself. My conclusion at this point is that the show must contain particular elements that trigger the interest of a large group of males (sort of a captain-obvious conclusion I'd assume). Why else would people watch it? To "troll"? Not likely, it's been going on for far too long and people are far too serious about it. I constantly hear the same things: It's cute, it's funny, it's entertaining. Not an action-packed show, but a more relaxing feel. It's a kids show, toned down for the young viewers so you shouldn't expect something intense and extreme.
Personally, I enjoy it because of those reasons too. It has the cute factor, a childish one at that. The humor, though not genius-level hysterical, is something I'll laugh at (but mind you I've been known to laugh at most anything so perhaps that doesn't mean anything). I enjoy the paper-thin story that only appears in a couple episodes, it's fun to simply watch it go and guess what might happen next, the rest are just a 22-minute focus on one unrelated thing. It's fun to take what was given in each episode and exploit it in fun ways (I'm sure others are already thinking of other "exploits" too), especially with a relatively large number of individuals.
I would assume it is nearly the same for every other fan. The show, to them, is unlike other little girl cartoons where the entire theme is so obviously girly that it makes you gag. If it was, I wouldn't expect them to be watching it. It has a difference, and that is why it is watched.
I've heard perfectly good reasons why it makes sense, and why it makes no sense, that males of young and older ages watch the show. Honestly, I never feel I am able to really understand it myself. In a nutshell, I enjoy the show, I get that feeling (one I am not really sure how I would describe) when you watch a show and you just simply like it. You don't think of why you like it and proceed to think of the many reasons why you like it, you just "know" you like it and continue to like it.
Eventually, you may find you no longer enjoy it. Several cartoons have gone that way, and I don't watch them anymore for whatever reason. At current, I enjoy the show and have no real reason not to watch it. The groups of people who hate the show, or hate the fans, and wish to rant about it in the most negative ways one can do so with our language don't really change anything. They spend their time doing that, I spend my time enjoying myself.
With a conclusion, the show is simply enjoyable because of what it is. Some love it, some enjoy it, some don't care, some don't like it, and some just hate it. It's the same with any other cartoon, this one just has a large fanbase.
My post is by no means an official go-to answer. These are just the thoughts I came up with. If they suit your needs, that's great, if not, I've got nothing more. I'm not here to make anyone watch the show, just to give my insight for what it's worth.