Parents need to keep in mind that this show, while it is rated PG, is more suited for teenagers. While some episodes are just blood-less fights that their kids might find entertaining, others can be much more violent. To top it off, there are a few suggestive things in some episodes. (One of the people who teach the main character has a very large obssession with females, to name one of these.)
If your child is old enough, or mature enough, to handle these things then they may find Naruto's adventures entertaining. There are some deep storylines and good morals in here. It's just that the characters are not "perfect", so there are bad ones as well. Naruto himself is a bit of a troublemaker, but he has a very strong will, and works hard, to chase after his dream and is an at least decent role model.