I second what the other posters have said. Only about 1/10 of his posts have useful content. For days it can be:
-A review for a product (affiliate link)
-Some pictures of food from a restaurant
-A bunch of links from people who reviewed him
-A report on how much money he made this month
-A ReviewMe review of some site I don't care about
-Plugging AGLOCO
-A discussion of some car
-Pointless updates about where he's traveling
Of the 'useful' posts he writes, I found them to generally contain generic information that I'd heard a million times before.
I guess people look up to him because he's unabashedly trying to make money and is doing okay at it. But it's more 'watch John make money on the blog you're reading' than 'learn how to make money on the blog you're reading'. If he wasn't famous already his blog would be the equivalent to a newspaper with 9/10s of the page filled with ads, and one little stock article at the bottom.
He is an interesting character though, for better or worse. Also a good lesson in how constant marketing can give someone undeserved authority in a niche (He likes bragging about how he's the #1 search result 'for make money online').
Problogger is much better.