I watch it... its actually at the top of my Tivo Season Pass list!
Unfortunately, its definately lost its edge... they really should have tried to do something with it when everyone graduated, instead the plot has turned to "lets just pretend everyone stays the same." As DesertJets mentioned, its starting to rehash the same gags.
They really need to start to develop the characters again, or, preferably, just cancel the season. I'd personally much rather see it end on a somewhat decent note, instead of the writers and producers continue what almost always becomes a slow, painful death.
SkyTeam: The alliance for third rate airlines finally getting their act together!