Let me begin by pointing out that I'm a die-hard liberal. Some of my favorite people to listen to are Maher and Stephen Colbert. Yet, for some reason I like this show. Maybe it's Bill himself. Maybe I've just gotten too used to the Fox standard of Hannity and Glenn Beck that this becomes slightly good in comparison.
There's something about The Factor that makes it worth watching. Maybe it's the fact that, despite is staunch conservative views, Bill actually does appear have a mind of his own. He doesn't just spew off the usual far-right conservative talking points like Hannity, or Beck's insane conspiracy theories (yes I know he's left Fox a while back). He seems to have no problem taking on fellow conservatives on issues that he doesn't agree with them on, like when he defended Ellen DeGeneres against the One Million Moms organization, or the fact that he views himself as an environmentalist. He also tends to invite 'opposites' like Jon Stewart on his show every once in a while, which usually leads to very entertaining, yet respectful conversations.
What I will say is that he often does have a bad habit of talking over his guests (though I think this has gotten better over the years), though he's not nearly as bad as certain other commentators. He also does say some ridiculous things, like his infamous segment about Amsterdam and drug policies.
Bottom line is though, if you need to fill up some sort of a right-wing talk-show quota, this is one I can recommend. It is far better than Michael Savage or Rush Limbaugh. I often hear liberals say that conservatives should watch Real Time to get a different perspective, well then I will say the same to liberals about The O'Reilly Factor.