Easy answer: NO!

Smallville was fun for the first 2-4 seasons. Since then the soap opera quotient has gone up to a ridiculous level. Most of the time the characters are annoying in their decisions, and Clark basically has been spinning his wheels in his transition to become Superman for about 6 seasons (after all, I think he graduated from high school in season 3 or 4). As a matter of fact, I think Clark has spent more time living outside of Smallville than in it during the series, so the name of the show doesn't even apply any more. And here's a fun fact: Clark still doesn't fly. Apparently the mission statement put forth by the creators at the beginning of the series was "no flights, no tights." For the first season, nearly every episode was spent dealing with a new power Clark discovered he had. But still no flying. Clearly, I think this was mostly a budget issue.

So why do I still watch it? Believe me, I fully understand which of the shows I watch are bad, but sometimes I'm still compelled to watch them. I guess I'm a glutton for punishment when it comes to some of these series. The brief glimpses of actual superheroism get me through the stupid soap opera moments. And at this point, in what they've said will definitely be the last season, I've already put in 9 seasons, so I might as well finish it up. There's been talk that we'll see the Superman outfit this season, and Lois will refer to him as Superman.

Oh, I almost forgot one of the low points of the show: when Lana Lang, for some reason, moved to Paris and became possessed by an 18th century witch or something. Very stupid.

So, to sum up, I think getting out at the 5th season was perfect.