I'm a normal, healthy adult (30+) male who thinks Inuyasha is among the best anime out there. It operates on multiple levels and you can take it at whatever level you choose. For IY fans, the characters have become people we care about, sort of like an extension of our families. Art is a matter of taste, but I find the series beautifully rendered, with great use of color and line to evoke feelings and mood. The music is excellent, having a very Japanese feel while also being pleasant to Western ears.
Basically, I've gotten to where I want to know what happens to the IY cast. Will Kagome and Inu finally declare their love to each other? Will Miroku actually give up his kimono-chasing for Sango? Will Kikyou die again and leave Inu in peace? And how will Naraku meet his end? Or will he? This is an anime and anime doesn't always have happy endings.
Inuyasha himself has a problem that faces a lot of guys. In order to embrace his future (Kagome), he has to let go of his past (Kikyou) and that's hard to do. He's caught between his sense of obligation and duty to Kikyou and his desire for Kagome. It's fascinating to watch as Inu works through all this. Meanwhile, for laughs we have Miroku the pervert monk. He tries and tries, only to get slapped down again and again. Sesshomaru, especially after he adopts Rin, gradually undergoes a change from Inuyasha's enemy to something like an ally, in his own inscrutable fashion.
I've seen a lot of criticism of the IY English dub, especially Moneca Stori's voice characterization of Kagome. I don't think it's as bad as some people make out. Yes, Kagome comes across as shrill and whiny, but Stori also brings out the compassion, caring and integrity in Kagome, especially as the series progresses. The first dozen or so episodes are a bit rough, but I think that was a case of the English voice actors still discovering their characters.
Anyway, I like Inuyasha and am looking forward to seeing the new batch of dubbed episodes next year on Adult Swim. (^_*)