I guess I must be amongst the "lowest common denominator" because I like the reality t.v. shows. At least to the posters here I am.
What do I like about them? The aspect of the unknown, rooting for your favourite player and basically just seeing who comes out on top in the end. I do NOT like the backstabbing, malipulative aspects that inevitably come up in these shows. My all time favourite is The Amazing Race. With the exception of bickering couples it's really just an all out race around the world and you learn a little bit about geography in the process so it isn't an entirely vacuous show as others can be.
I'd rather watch "real" people (even if some are aspiring actors) than overpaid actors/sports stars, etc. That isn't to say I don't watch "regular" t.v. but I don't watch as much of it.
Ultimately real life has more to offer than television, but it does fill in the void during those times when not much is going on. I've lived without t.v. before and I've no doubt I'll live without it again. Besides, it doesn't cost any extra if you have a t.v.