I've only played in one satellite so far, but I really enjoyed it. It's a lower buy-in for a chance to get into a much more expensive tournament. It was a great experience seeing how the other players play in the tournament. One thing that I liked was that I was more relaxed because I was paying much less than the actual tournament buy-in. So, I wasn't as afraid to take bigger risks. Unfortunately, I was basically one card away from earning a seat in the bigger tournament !
I wouldn't play them exclusively, but I'll definitely be doing more in the future to take a shot a bigger tournament.