I still watch it, but not the same way I used to. Often I'll wait a while, then catch up.
Mostly because I'm curious, or so I'll get references in the fandom.
I mostly focus on the community, or really good fanfictions. (Not that there is a plethora of those, but the ones that are are excellent.)
The show is still enjoyable, even though I don't consider it "canon" anymore. Which sounds strange, but take it about as seriously as I do fanfiction, due to some of the changes that have happened. (Flurry Heart, mostly.) But it's still a good show, if not the most amazing thing in existence.