I don't particularly 'enjoy' guided reading, but I do think it is valuable as a way of getting some intensive teaching time with small groups, and when looking at 'text-level' stuff (comprehension, looking at genres etc) it is far better than individual reading, because the children learn from each other. They also learn about discussing in a group, and taking turns etc.
I do it with Reception and with Y1, and once they are decoding fairly well it works, I think.
I think teaching of reading (decoding) takes place (mostly) during phonics sessions; teaching about understanding text types / comprehension is during guided reading; and practising reading skills is perhaps best done by individual reading (at home or at school, with an involved and interested adult, parent or teacher).
Some parents, I know, are dubious about guided reading because they would rather their children read individually with the teacher. I think it shouldn't be one or the other, but a mixture of both.