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I can't necessarily defend my love of this show, but I'll try to explain.
On the production level, the voices are hilarious and emote well. Shake's voice in particular always cracks me up. Also, the animation is so cheesy and corny, but also sublime in detail and timing. The funny, absurdist elements are so random, but timed just right to hit me precisely in the nerve that causes me to laugh out loud.
The creators of the show come from the same post-Simpsons ilk as the writers of Family Guy, Space Ghost, and other Cartoon Network shows. Randomness, repetition, and GenX cultural references are de rigeur. There's a wink in most jokes at how intelligent the writers (and many fans) are, while at the same time reveling in the basest of topics and techniques for humor (violence, toilet humor, etc.). The characters are also eminently "gettable". One could even say they are rich in development, at least, in developing their primary character traits, much like Seinfeld characters. And like Seinfeld or Simpson characters, there may not be much more than ultimately superficial primary traits, but fans come to love the expected and un-expected reactions of each character to the situations.
At its best, ATHF reminds me of the best of cult cartoons through the years like Rocky and Bullwinkle, Ren and Stimpy, or Robert Smigel. Clearly many people don't response to the techiques and content of ATHF humor. The show isn't the Simpsons, as plays less on witty dialogue, universal themes, or sheer polish. It's guerilla comedy, employing shock, raw emotion, testosterone-realism, and negativity. Caveat emptor.