Being the lazy fellow* that I am, P.E obviously wasn't the highlight of my day. It was usually boring as hell after I turned 12 and lost even the minimal interest that I had in it beforehand, super-competitive because of idiots who would take every football(that, or any other of those dumb, unimaginative disciplines) match like SRS BZNS. The only thing I could do that would make me enjoy that sweaty dimwit-riddled torture of a lesson was to, well, make fun of it.
Thankfully for me, the issues I had with it kind of went away as I ventured into the realms of Junior High School, but I can sympathize with other people and put myself in their situation.
That being said, I don't deny that P.E is very important for people of any age, really, and shouldn't be removed from schools, but that comes with a few points:
1. P.E should never be graded, at least not in the traditional manner where a genius-savant getting A's in everything that at the same time is unable to pull himself up made him repeat the class. It especially shouldn't be considered vital during the later stages of education, like universites, colleges, you get the idea.
2. P.E, like most classes is being taught in a very arbitrary kind of way, not showing you, as someone has pointed out, how to really take care of your own body. That, though, is a part of an underlying problem that lies at the bottom of the education system itself.