I can't think of any reason why I like that ride, but usually that is the first ride we go on whenever we go to MK. I couldn't think of going to MK and not riding Jungle Cruise, so I guess it IS just a nostalgia factor.
Only thing that bothered me about it was, last time we were there the water was purple/red
That was a little disturbing because at best, I've seen it brown not red. Either way, I still wouldn't skip it and I hope they NEVER (I doubt they would anyway) get rid of it.
As far as the wait is concerned, the line for it does usually become unbearably long but if you get to it early enough in the day its a non-issue, but I guess its up to your priorities. We waited on standby that morning and waited about 15 minutes. We may have been able to do walk-on, but breakfast had taken a little longer than anticipated.