Psych is the epitome of awesome television. Hilarious humor, good actors. Good plots. I love how they always refer to some obscured 80's movie reference. I watch it all the time. I recently read they just got "passed" for season 5. So I'm excited for that. And season 4 isn't even over yet.
I watched the first season, and thought it was ok. Originally I thought it was a great concept, but not long into the season I kind of found that it wasn't really reaching its full potential as a show, fulfilling all the concept. I thought it was way to wacky and zany for a show that is ostensibly about solving murders.
Basically, I felt the tone was off and that it wasn't fulfilling its conceptual potential. I find The Mentalist does a better job when it comes to a similar concept.