I would argue that this storyline has been intriguing. The introduction of Mr. Petrelli, the background on Sylar and the Villains vs. Heroes element has been good in my mind. There has also been quite a bit of action imo.
As for the constant complaint about character development, what do you want the writers to do? You can't unring a bell. Season 1 had a ton of character development simply because you didn't know anybody. You can't replicate that anymore. After two seasons with these characters we already know a lot about them and therefore we get smaller doses of it.

If you're enjoying it, great. But there's a reason why it continues to dip in the the amount of viewers it gets every week.
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