From a KMC point of view:
The problem with the Punisher is that he needs to rely on solo books that only Jgiant and Alfheim pay attention to, because as soon as you go into crossovers, (most) people realize that he should be losing to the large majority of popular street level characters and above.
From a personal view:
He could be cool, but often comes off as annoying... I suppose sometimes I support what he does, but it seems like he either goes to far, or the writers play it up too much. Of course, the last time I payed attention, though, was during Civil War for a couple of his issues. The art was bad enough that I dropped it pretty quick, so maybe I have a skewed view of the character.