If you hit Snowshoe at the right time, it can be awesome (that generally means midweek on a powder day). At the wrong time, say with lousy weather/snow and on a weekend) it can totally suck. I can say that second sentence about almost every ski area in the mid-Atlantic though. I can only say the first sentence about a third of them.
That said, it all depends on your cup of tea. I am speaking as a former New Englander and someone who generally counts on local powder days or trips to Vermont / Western US for real skiing. However, many people from the mid-west, mid-atlantic, and southeast flock to Snowshoe and have a blast regardless of the crowds, weather, or conditions. Seriously, they are not wanting for business, and whenever I am there the overwhelming majority of customers love it. I don't always understand it, but it's true.
Some side notes:
Yes, Cupp/Shay's has a decent vertical, and those two trails can be very good at times, sometimes really, really good. But they are often crowded with blue skiers in sections, and under less than ideal weather can have some challenging snow conditions (the extra vertical means the lower part of the trails dip below the freeze thaw line more often). Shay's can develop huge icy moguls that boggle the mind. It's not challenging in a good way.
The basin side has a vertical of only 600-800 feet, and it's generally a quick drop and then a long runout. There are some exceptions to this, and there are a few routes down that can be quite good.
The Silver Creek area has less crowds, beautiful scenery, and some very nice trails. Their two black trails can be spectacular on a powder day. Even on a typical day, this is often a better place to ski than the main mountain area.
Overall, I'd say the viability of Snowshoe depends on the background and level of the skiers. And then see how much it costs and make a decision. Overall, I feel it's too expensive when I weigh the other options, but it obviously makes sense for many groups and families. I will only go there on weekdays when there is powder -- it's the only time it makes sense for me.