Do I enjoy crafting? Yes. I love it.
Am I satisfied with how most games have implemented it thus far? No... not at all. When I play Morrowind, Oblivion, or Skyrim, I'm not playing them to slog through the quests, kill all the dragons/gods/wildlife, then turn it all off and go to bed. I'm playing them as a character, a person living and interacting with the world insomuch as the game will allow me. An RPG, to me, is an opportunity to fully commit to the role-playing aspect of the genre. If that means the character rarely leaves town except for when hunting down new resources or leaving to meet new merchants and customers... so be it. Tedium bothers me not.
Crafting, while a major part of many of my characters through the years, has never been exceedingly satisfying. The best I've encountered, thus far, remains Alchemy in the Elder Scrolls series. It's one of the few areas that, to this day, still allows the player to experiment with ingredients and their interactions with one another. It's always been very fun, if ultimately more shallow than I would have liked. Ideally, there would be nearly limitless combinations of ingredients and reagents with which to brew my elixirs... with all kinds of permutations based upon the potency of the ingredients, skill of my character, and the quality of my lab equipment.
On a broader scale, I'm most excited about Fallout 4's crafting system for precisely this function. It seems Bethesda is finally giving players a crafting system that really feels like you're MAKING something. I choose the grip. I choose the stock. I choose the accessories of my weapon, based on what role I want it to perform. I put it all together, and it comes out a weapon I can truly feel like I designed myself. It still falls short of my ideal, whereby I could feasibly choose precisely how the model itself meshes together and functions... but that's just not where the tech for these games is.
Characters of mine who perform crafting roles wholly embrace them. My Nord blacksmith spends a lot of his time repetitively pounding on an anvil, churning out shipment after shipment of armor he can't manage to sell off at full price because his mercantile skill is low. I do it, sometimes for hours, not because it's the most entertaining aspect of the game but because I enjoy letting my mind slip into that place... the place where I can almost feel the burn of embers on my flesh as I work over the forge. The place where I can almost smell the herbs being mashed up in my mortar. I'm endlessly happy that these features are making it into the newer games, where previously they got dropped by transitional entries into various series based upon the sudden prominence of the 'Action RPG' and the so-called 'dumbing down' of the genre.
Crafting, when done right, can ADD immeasurably to a game whilst taking away little.
Unfortunately, by the time we get around to Skyrim, it's plain to see that they've expected crafting of equipment and materials to replace the very important balancing act that is The Risk/Reward Loot Dynamic of the RPG. They even went so far as to remove VITAL services rendered by NPCs in favor of 'pressing' the player into crafting skills. That's a ham-fisted error in judgment I hope games intent upon utilizing crafting mechanics consider for the future.