A very close friend is Dutch by birth (came to Canada 20 years ago) and I watched the recent European Cup matches with him at the local pub. The team from his hometown won in the end so he was a very motivated viewer. With the help of someone who could explain the game as it was being played I realized that soccer, like Formula 1 racing, can be very exciting if you pay attention to the nuances of on-field play, the strategies employed to set up breaks, substitutions etc. I agree that it doesn't posses the raw excitement of North American sports, and I can never imagine a game having the intensity of playoff hockey, but there's a lot there if you're willing to take the time to watch.
Only real issue I still have with the sport is ending a tied game with penalty kicks. I say make them play till they drop.
I agree, but with a twist. After every 15 minutes of sudden-death overtime, each team must remove one player from the field. How long do you think a game would last under those circumstances?