I have seen high school sports up close and personal from every possible angle.
Both of my kids were athletes. They learned a lot about life, teamwork, selflessness, etc. I believe they would tell you today (now that they are 30-somethings) that some of their best memories are of their time as HS athletes. I know that I loved watching them play, and it was a sad day for me when my son (the younger one) played his final HS baseball game.
I was a HS athlete, too, though not as good as my kids (and certainly I was no Ners). I have mostly fond memories.
I covered some pretty cool HS events, but I also saw the more unseemly side in which it was all about money and power and politics -- kind of what dgies described in his posts.
Most recently, I assistant coached 2 years of girls basketball at a very successful program at the largest HS in NC. It was an interesting experience, with a little bad but mostly good. Our head coach was outstanding, and I believe the kids who passed through his program became better people for having done so.
As in most things, I don't like making blanket condemnations -- or giving blanket praise.
I pretty much agree with Sultan's take: The good is a little overrated, but so is the bad. As long as the parents kept things in perspective, it was an enjoyable experience. When they didn't, it was a poor one.