What he lacks in power he makes up for in precision deadliness.
And Wolverine's actually far more hated by the comic book community then celebrated. The people who do like him are typically casual comic-based media fans only familiar with his character design, the movies, and the cartoons.
As for us actual comic readers who like him... There's tons of reasons.
He is an underdog type of character, everyone wants to believe in the underdog.
He's the ultimate anti-hero; he has a realistic view on how to deal with terroristic super villains, and takes that responsibility of taking lives on his own consciense and soul.
He's fearless; to have fear is to be caged, Wolverine is not afraid to run headfirst into situations that present nothing but an oppurtunity for pain.
At the end of the day though it's like Wizard said sometime ago. Wolverine doesn't live in stark lines of right and wrong, he understands that a grey area exists and he's constantly trying to exist within that area because he doesn't presume one way to be the best way, at the end of the day he's just a man, trying to be better than he is... and I think we can all relate to that.
As far as fights go on the forums.. he gets put into a lot of battles that are melee oriented fights, and those are the types of fights he excells at. No overration about it, that's just how it is.