Well, it has some good parts, but a lot of the reasons why people make fun of it are based on truths.
-some of the epic fights are too predictable. One person gains the upper hand, then the control switches, and it does this 6 or 7 times so that they can stretch the number of episodes longer.
-Flashbacks. If you like flashbacks, this show's for you.
-There's some creepy pedophilia themes, basically in the form of Naruto's mentor.
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Orochimaru is creepy.
-Sasusake is going to be a bad, bad villain, and no matter what, Naruto thinks he can persuade him and the pink haired girl what's-her-name thinks he'll love her. Their determination sorta drags on in that they just don't get it.
-They kill off the cool characters.
-There's random technology in the ninja world, which makes no sense.
-Naruto's main jitsu is turning into 2,000 naked chicks.
-Naruto's Fire fox form demon thingie/curse is boring. Like "ooooh, he'll destroy everything, but still gets beaten in combat? puhleeeeeeeeze"
-Naruto is touted as a ninja who'll never lose, kinda like Yu-gi-Yo. But yet he loses, constantly.
-Rock Lee only does a drunken rage fight once. And, he's supposedly invincible and capable of destroying continents on a full bottle of sake, whereas all he did in the fight was
fall asleep.
And so on and so forth.
All in all, it's way more hyped up than it should be. But after making this TAS, you should watch some of it for giggles.