I've never thought that Budweiser produced bad beer. Their product is of top quality "for the style". It's consistent all the way through. The taste, balance, maltiness (or lack their of), hopiness (or the lack their of) is spot on with each and every can or bottle or draft.
However, it's a product that has found a niche, as it is produced for people that want those attributes in their beer. I used to drink it by the pitcher full, back before I became educated and learned that not all beer tasted like that.
I truly believe that some people actually love the taste of that style of beer. I am not one of those people anymore. My first beer that was different was Killians Red and shortly there after it was a Sam Adams Boston Lager. I'd never order one of those anymore, but they did open my eyes to a new world of beer flavors.
The mass produced American Pilsners have a few things that they do well. One, is consistency. I have not tried to make the style yet, but I'm sure that I will some day! Another thing that they have going for them, and this is a big one, is marketing! They are geniuses at marketing!! Despite their great marketing, craft beer is still catching up. Craft beer, in my humble opinion, will continue to catch up more and more. I see very few "under 35 year olds" that prefer Budweiser over a flavorful, well made craft beer.
Budweiser is smart in their recent acquistions of craft beer breweries, as they don't make craft beer in their mass produced plants. The only way to get into the market is through acquistions. I don't see this trend ending. They will continue to seek out quality craft breweries and microbreweries to add to their portfolio.
Whether it's good or bad for the general public, or the craft and microbrew industry is still to be seen. However, I feel that it is a good thing for Budweiser.
(Steps down off my soapbox)