honestly, i would say that the ML isn't taken seriously but i think there's a number of reasons why.
from a general point of view, there are hardly any teams that consistently put out their first XV which obviously makes it harder for consistency overall. and it's hard for the fans as well as the players. when you see your team beat stade francais convincingly and then slump to a 6 - 3 win over the dragons, or whatever it was, then you lose heart because you wonder what the hell is going on. and let's be honest, no-one would want to watch a leauge that throws up the most inconsistent results going.
from a welshman's point of view, the welsh regions aren't living up to the standards that have been set (in particular, this year) by the national team. the fact that the majority of the welsh team that won the grand slam came from the ospreys, and then what was more or less the same team lost to the saracens in a game that they could've (and maybe should've) won is beyond belief. granted, there are teams like the dragons who don't have the same funding or resources as other regions, but if that is such a factor, then why do we see the better off teams like the scarlets, the blues and the ospreys still put on appaling displays of rugby?
personally, at this moment in time, i don't think the ML can be taken seriously because i don't think the teams that are involved in it take it as seriously i.e. the classic situation with munster not fielding their first team hardly ever. and until that changes, i can't see this image of it being a second rate competition changing.
however, another point i'd like to make is the refereeing. i know it's easy to point the finger, but honestly, the reffing can be as bad, if not worse, than the games themselves, and on occasions, i've felt that the reffing has had some effect on the nature of the games. what is embarrassing and humbling is that there are people who will defend the ML to the death when it's compared to it's english counterpart, but when an RFU ref came and took a game in cardiff, it was one of the best displays of reffing the ML has ever seen. what kind of an impression does that give?
rant over.