SMTV Live was another level - the sketches had a lot of effort put into them week after week and were actually funny for both kids and adults. The whole thing just worked to perfection during the Ant, Dec and Cat era. Funnily enough A&D are now the best presenters on UK TV by some way.
Indeed, the sketches and games were great and are still funny now, there are many clips of Wonkey Donkey on YouTube. I used to set my alarm for 9:24 every Saturday morning during that time.
Of course Ant and Dec then left and it was quite strange how quickly the Saturday morning 'ratings war' came to an end. ITV abandoned the format for various reasons and then shortly afterwards the BBC decided to as well, almost as if they didn't want to take part in a game with one team.
Now as you say it's just endless light chat/cookery formats that either flop or are tired beyond belief.