I think Hollyoaks is pretty much seen as pretty bad acting and writing-wise, and I think people often watch it to pick on it. I am not saying there aren't genuine fans, because I know there are. It's just one of those shows that draws out the sarky side in some people. There's bad writing and acting in all British soaps, but they tend to be a few notches higher calibre than most American soaps. There also is pretty good writing and decent acting.
I definitely wouldn't judge English or British programs by Hollyoaks. It is a soap after all, but when it comes to soaps, British soaps tend to be a bit grittier than American soaps and less far fetched (although they have their moments). I started watching Coronation Street and Emmerdale when I first moved here, but switched to Eastenders and sometimes Casualty and Waterloo Road (although some people might not consider them soaps, I do). Then there's The Archers, which is a radio soap that I follow a bit. I didn't watch any soaps in the States, but have managed to get sucked into some of the British ones.
Sometimes they show older soaps on PBS in the states (depending on the area), so you might be able to get an idea about some of the soaps here.
Oddly, a lot of comic actors or even comedians end up on soaps here, and it's not unusual to see an ageing star end up doing some time on some of the soaps.