I guess it depends on expectations, and certain one's favourite teams' success (or lack thereof) may colour opinion.
I would give the playoffs a 3 out of 5 so far. Yes, some series have been pretty one sided, but either I did not pay much attention to it because I didn't have a cheering interest, or the result was not unexpected. I have watched at least one game from every matchup so far.
As an Oilers fan, I am pretty happy about how they made it past the first round relatively easily though I was not happy they played LA again (I was hoping for Vegas).
As a non-Leaf fan, I found cheering for Boston to be quite satisfying though the past few games have been pretty frustrating. But with a game seven coming, it will be a fun watch, and probably the highlight of the first round (aside from watching the Oilers advance).
I didn't think watching an all US series would interest me but Dallas / Vegas has been superb.
I like Colorado too but was hoping Winnipeg would be a bit more competitive. But even an Avs/Oilers West Semi Final would be good.
I only watched one game of the Rangers/Caps series, knowing that it was such a mismatch.
That said, I think without even watching round 2, the overall rating of the playoffs will skyrocket significantly since I expect all the matchups will be superb, whether I have a cheering interest or not. Planning to catch all the games of all the series, where possible.