I happened to watch this show with my little sister (who's about 4). At first I didn't care for it too much but after a few episodes it kind of grew on me. I'd say it is aimed as a younger audience in that it's in general a very light-hearted and inoffensive show so it doesn't surprise me too much that a lot of adults wouldn't care for it so much. I actually like it, though, as sometimes it's nice to just watch a harmless show with cute little gags.
A lot of people seem to mistakenly think it's based on the Disney movie (especially in the US since it airs on a Disney channel), but it's not. It is based on the original book and actually follows the book MUCH more closely than the Disney adaptation (although it's not quite as dark). Baloo is the stuffy teacher, Bagheera is more lenient and friendly toward Mowgli, Kaa is a good guy, the wolf pack is actually important, etc. It also includes a lot of characters left out of the Disney adaptation like Tabaqui and Chil, which is nice. Someone who dislikes the Disney adaptation for deviating too much from the book may like this version for staying more loyal.
The art style, while a tad cheap looking at first (pretty common with 3D animated shows) actually isn't that bad. The later episodes do a better job of keeping the characters from moving too stiffly. I certainly don't think lazy is the proper word for the animation, it's clear to me that they're actually trying. Sometimes characters will bump into one another or fumble something they're holding and it's not entirely in service to the plot but rather something to liven up the animation. A 2D animated or more stylized 3D show could probably pull it off better but they do a pretty good job of it in my opinion.
This show IS designed to be more accessible to younger kids so it may not have enough bite for older kids or adults but I actually quite enjoy it and find myself watching it even if my little sister isn't around. I liked the original book and it's nice to see stories sticking more to the source material (although kid-friendly) even though I do enjoy the Disney version too. In my opinion, this show is really good introduction for young kids to the original Jungle Book universe and characters.
