I don't get it at all. It looks to me like a crude mockery of women. Even on the presumably somewhat sanitised RuPaul, the word for a "realistic" (ie could pass as a woman) drag queen is "fish"... A reference to being so womanly it's as though they have a vagina. I feel like they hate women and are performing all the things they find ridiculous about us in a really hammed up way. Making us seem bitchy and preening.
Also, more fundamentally, I don't understand the entertainment factor of "oh haha it's a man who looks a bit like a lady haha he's in a dress haha". So? On which note, how on earth are the lady boys of Bangkok still going strong with their tour. Don't give me oo the costumes and skillful songs and dances - as if people would go to see "the costumed dancers of Bangkok". There's some wow factor to seeing "ladyboys" specifically.
But loads of my friends love it. So it can't actually be as bad as I think. (Can it?)
Yanbu - drag is offensive to women or just not entertaining
Yabu - drag is awesome