Some of it is okay, but crap like Jackson Pollack is just pathetic.
I dare you to produce something as pathetic as a Pollack painting, yes it is just paint splashed on a canvas, but if it's done incorrectly (which I have seen and I'm sure you have), it just looks like mud. You have to have an understanding of color and the way colors work together to produce something like that.
But this style of abstract art is really about randomness, things naturally happening. Don't get me wrong, most abstract art fans (probably art fans in general) do take themselves far too seriously. Part of the new wave (new as in since Warhol) has been about the "is it art?" question. Sticking something in a gallery and defending it as art, the art then is the discussion of the art. It's all slightly interesting, for me though if I don't like looking at it, I don't waste my time.
I really do appreciate abstract art in this regard, but I haven't gone out of my way to find it. What interested me in photography (which I do think I've given up on) was a similar sort of thing, decay. It always seems so morbid to think of decay as beautiful, it makes you sound like a high school goth kid, but I think it's the ultimate in nature vs. man. Rust, paint chipping, etc... but also nature vs. nature, the shape of the earth being formed by erosion. It's a visualization of time that has passed.
I don't think you need to go to a gallery to appreciate this sort of thing, so in that regard, I'm no longer an artist or art fan. But you have to think of what was made possible by art galleries being invaded by such crude/abstract art. People tend not to think of a urinal as a work of art, but somebody had to spend the time to design the urinal, figure out how it needs to function, create a mold for it, and go through the required steps to turn it into something you can piss into.
*smb's definition is great, BTW.