I really like the show. I'm from Oregon (not Portland, but Eugene, which is basically a scaled down version), and it's kinda nice to have something to relate to on TV. I like having people ask me if "that's what it's really like in real life". And I live in Chicago now for school, so it helps with the homesickness to see my home state on a regular basis, even if it is through a TV screen.
But on the same token, the show isn't anything incredible. It's just a nice, well-written commentary on Pacific Northwest mentality. And, while exaggerated, it's pretty spot-on.
So that's my two cents.