Do I watch it? It depends on who is hosting. More than likely I'll complain about it like everybody else, but every once in awhile there is something that is funny. At best, weekend update is still good for a few laughs.
Does it require a thread? Why not? I've seen a bunch of mentions of it in JTOR. I say edit the title and make this the thread.
SNL has been on for thirty odd years, and I can only think of perhaps 7-8 seasons that were quality through and through. There have routinely been outstanding highlights - Weekend Update has been really good and even great for almost all of the show's run - but the overall product has always been more 'meh'.