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Its one of the few relics from the 90s, that seems to have never evolved past like, 1997.
The first 50 or so issues are kind of neat. Spawn wanders around fighting a villain of the week, and then once in a while has a run-in with his arch nemesis, The Violator,
Then for about 50 issues, he sort of wanders around the countryside, and nothing really happens. Then, from issue 100 and on, something "big" seems to happen about every 50 issues, and he spends several issues trying to figure out that big event was for, while demons plot to kill him behind his back, setting up the next big thing.
Really, I think the art is kind of neat even still, but as other people mentioned, McFarlane comes off a a teenager from the 90's desperately trying to look cool and edgy.