I remember watching a few episodes in my youth, though I much preferred Transformers and Robotech. I was seven when the show initially aired in 1983 and was just getting into Basic when it was canceled two years later.
It was fun to watch for sake of nostalgia, and I suppose there is food for adventures. Despite being a kid's show, it features far more violence than, say, GI Joe from the same general time. Some of the creatures and characters are interesting enough to become PC's. I'm sure someone has done this, I haven't taken the time to search the net for this yet.
The character's solutions are frequently singular and simple, and there are plenty of nonsensical "whaaa?" moments, but, as I said, it's a guilty (and cheap) pleasure from D&D's heyday.