I would say Fox News is no better than the other cable news networks; not sure if I could say it's worse. I think you have to distinguish between the new broadcasts on any of the channels, tainted as they may be, more or less from channel to channel, with opinion, and the editorial/commentary shows, like O'Reilly's, and Chris Matthews' and Olberman's (he was a lousy commentator when he was at ESPN, and he hasn't improved). Those shows are all about entertainment, not deep insight. I've compared O'Reilly to Howard Stern, in that, it's about getting a rise out of the audience, and not necessarily the content.
Fox does have a lot of good-looking women on, that's for sure. The network is aptly named.
If you want real news, that is, in greater depth, you really need to listen to the radio, or read articles online and in newspapers. That goes for any political leaning. We process visual information so differently from the written and spoken word, that it is almost impossible to inform yourself via TV news, especially today, when everything is broken down into such small units of video and audio.