Like the dunk contest, I think it's gotten pretty stale. MLB does keep trying to switch the format to find something that works, although it tends to keep just ending up a bit flat, not to mention inconsistent. Maybe it's me in my older age, just not enjoying something I used to. Wouldn't be the first time.
Regardless, I'll still watch. I always do.
Besides being at Yankee Stadium in-person in 2008 to see the Josh Hamilton HR Derby show, my favorite HR Derby memory is easily from 1997, when Tino Martinez won. That was awesome. I remember watching it and living and dying by every swing. I was 13. It meant something, watching my guy take on guys like McGwire and Griffey and coming out on top.
In 1998, a few sets had Tino in his HR Derby jersey, and I made just to gobble those cards up. It's still one of my fondest memories of him.