My DS(5) has loads of it - and plays with it all the time. Its either lego or playmobile he plays with and has been for a long time now!
His favourites at the moment are the knights sets, although I would say the aeroplane which he got when he was 2.5 and airport which he got at 3 have probably had the longest play value.
He loves the viking boat and the pirate sets.
He's just starting to get the idea of armies and so spends all his time now setting up the goodies vs the baddies on various battle fronts!
TK Maxx has got a lot of playmobil in at the moment at roughly half price