Ok here's my take:

1) When I first started to watch him, my first impression about the guy was quite positive--I quite liked him and his arguments, although at many times I found him  pompous and full of himself--not to mention, offensively insulting to his guests and his views too much swayed towards ultra-left.

2) There was a phase, when I felt, he was too offensive for anyone to bear with. I decided, may be by not watching his shows, I was doing justice to the guests who were being belittled for no rhyme or reason.

3) Over the last year or so, I have begun to feel that this guy should not be taken too seriously. I don't know if it is just me, but I think that he is paid to purposely make false/provocative statements to attract viewers and most of the time, it's clearly (at least for me) written over his face.


So I still watch his shows, as they give his guests a good platform to fight hard against the odds from O' Reilly and say what they want to while their patience and limit of their tolerance are being tested. It's fun to watch how thick-skinned his guests are.

There were few occasions, I felt he was made to remain in balance, if not owned, by his guests--Michael Moore was one of them. The other guests, that I remember, were: Stephen Colbert and my personal favorite Jon Stewart.   

Jon Stewart, Stephen Colbert and Michael Moore, in that order, with O' Reilly: