Okay, I know that A LOT of people hate this show, but I actually really enjoy it.
I've been watching it recently, mainly at a snail's pace but it still counts as watching, and I've really enjoyed it.
The show seems to have the delivery of children's humor, but in that delivery it pokes fun at itself in an endless cycle of self-deprecating, fourth wall breaking, continuity out of the window throwing funniness that it becomes worthwhile.
But the truly INTERESTING part of the show is that even though it has all of this wacky Looney Tunes styled humor, it somehow has a rather serious (using this term liberally, here), consistent, and driving plot. As a parody of shōnen anime and manga in general, Bobobo-bo Bo-bobo lampoons Dragon Ball, Gundam (Mecha in general actually), and many other fight-style series. Actually, Bobobo throws in a few parody scenes of shōjo as well (a la schoolgirls prancing through meadows with flowery backdrops, for instance) which even further breaks down the boundaries between audience and script. One scene poked some fun at the ridiculous children's shows in Japan (which aren't really much different than any other children's shows) with a seemingly infinite chant of "Honk honk, smells good!"
The show is, in fact, SO ridiculously vast in its archive of references that it actually takes some brain power to recognize the various connections it makes. In one episode, Don Patch uses a lyric from Marvin Gaye's song Mercy Mercy Me (The Ecology) as he runs to a Mr. Earth (Bobobo).
It is noteworthy that I have only watched the English dubbing of the show, but from what I hear, the show is just as witty in Japanese.
In short, Bobobo-bo Bo-bobo is one of those anime that makes people change the channel for some reason, but for the few that sit through an episode it is comedy gold. Seriously, if you have some time, I recommend an episode or two, and if you have more time watch the whole series.