Well, as a heterosexual man I do certainly enjoy male-gaze-y fanservice, but at the same time it's pretty eye-rolling. It's distracting and makes it hard to take the character seriously, and can really play hell with characterization if a character gets stuffed in the "Ms Fanservice" box.

Personally, I'd prefer that fanservice be confined to filler episodes or comedy segments and not intrude into the main action of the media I watch. Unless it's a porno, most scenes aren't supposed to inspire sexual arousal in the viewer, so dropping fanservice into random scenes can mess with the mood and diminish the effectiveness of the work. The worst examples of this are the "Sad Woman in Shower" and "Attractive Woman Stripping While Being Stalked by Monster" kinds of scenes because the titillation is actively undermining the tragedy/suspense.

So yeah, I don't really mind fanservice on it's own, but it tends to make stories I like worse rather than better.