I enjoyed it a good deal. Eco's characters, in my view, generally have a good heart, although they are not uncomplicated people. For me, this makes his books pleasant and uplifting.
Eco has a way of sneaking some very interesting ideas into his writing, and the worldviews of his characters are often quite different from those common in modern society. In Baudolino, his characters have a quite different view of Truth than the one our scientific perspective is used to. Rather than discuss it in detail, I'll just recommend the book, since I won't be as entertaining as Eco is.
So, in summary, Baudolino works as a story, but there's a lot more there to enjoy.