i like the whole idea of it, but i understand why some people don't like it.
it's more about quantity than quality, you could totally fake it and use a novel you already wrote, it's too hard to write 50,000 words in 30 days, and so on and so forth.
when i first did it in 2006, i hit 50,000 words in less than 30 days, then hit the wall & only got another 5,000 more before the end of the month. of course, i wasn't going to school then, or working.
well, i'm not doing either of those right now. ;)
finishing the first time showed me i could write a novel, even if there were plot holes and typos and bits that didn't really make sense. that didn't matter. i just needed the ego boost and the knowledge that i really could do it if i tried.
i'm doing it this year because when i came up with the GhostIdea i was writing out ideas for my next YA novel. i'd just finished the draft of the WerewolfIdea and started quick plotting different ideas. most were one or two lines that would be the core of the story.
then i got to the GhostIdea and it became a page and a half of plot bits and weird bits and character bits.
yeah, i was excited about this one.
so i'm working on the GhostIdea. instead of the 50,000 words, i'm looking more to finishing the whole novel at about 70 to 75,000 words. it's a first draft, it doesn't have to be perfect. this is about getting the bones of the story down and working out characters and their motivations, figuring out where the twisty bits and secret bits go and where to leave something hanging right in my MC's face so she has to suffer until she figures it all out.
if you want to friend me, click on the NaNoWriMo thing on the right side. it should go to my user page. :)