They've attained the status of being a highly influential band. They're just about universally respected by musicians for their contribution to music. Touching on what the comment before me stated, I think the Smiths are very depressing to listen to. I spent my teenage years listening to bands like The Smiths and Joy Division. They impacted me greatly and I'm grateful for that. I rarely listen to either anymore because I've moved on and don't find it enjoyable to wallow in depression anymore.
The Smiths were impeccable musically but they're not for everyone because of their overtly depressing tone.
This was tough as they are my favourite band, so I'd be inclined to say they are, however they are generally considered hugely influential, important and a good band (even a great band by some, including myself). I decided to vote yes purely because so many write them off as depressing after hearing the titles and lyrics of certain singles without actually listening to the blatant humour behind most (though definitely not all, i.E. That Joke Isn't Funny Anymore).
Just brilliant they are wonderful to listen to and incredibly influential. Just soooo clever that guitar in How Soon is Now? ! Morrissey's flourishes! Very catchy songs that are very well written and constructed. Combination of humour and sadness are brilliant and the band weaves the bass in very well with the guitar (Bigmouth, or Headmaster Ritual)