A lot of the really good points have already been touched on here: the drow were initially cool for their mystery, dangerous abilities, and the remarkable way in which they were first revealed by Gygax, but everything from overexposure to the rapidly developed cliche of angst-ridden good guys quickly soured a lot of people on the drow. My major points are as follows:
-I rather like Drizzt himself as a character; what annoys the hell out of me is how the rest of the Realms has jumped on top of it. I personally loathe the church of Eilistraee, which I view as little more than a rather blatant excuse for fanservice (drow women dancing naked in the forest-ick), and the simple fact that they don't seem to have any discernable flaws-in many ways, they're a faith of Mary Sues.
-To make matters worse, many sources, including and especially Salvatore, depict the drow as being just short of infallible. Bregan D'aerthe is depicted as being able to seize control of the Citadel of Assassins in Vaasa, with the humans looking like bungling amateurs by comparison, for example, and Jarlaxle himself seems almost omniscient-he always knows the exact thing to say and do, and everything turns out exactly the way he predicted it. He never seems to make a mistake.
Similarly, King Obould Many-Arrows and Gerti Oresldottr do not march to war against humanity by their own volition, but through the manipulations of four drow who had no business being in the plot.
-In my own Greyhawk lore, I take a few steps to redress the balance, such as the drow's arrogance and natural sense of superiority often leading them to make foolish mistakes, such as underestimating orcs and goblins and charging in to attack them without battle plans, and otherwise suffering defeats at the hands of the supposedly crude and stupid goblins, who send the drow running home crying to their spiders.
Priestesses of Lloth are slain by goblin kings in single combat, and the drow continually make the mistake of thinking they're smarter than they really are, which leads them to taste defeat time and again and accounts for why they haven't reached the potential their abilities suggest...which, ironically, parallels the surface elves. One of the major themes in my Greyhawk work is that the elves, contrary to popular perception, have never reached the levels of power one would expect with their long lifespans and supposedly vast magical talents; the elves of the world of Oerth are a story of squandered potential.
Golden Age? What Golden Age?
Oh, and the drow are inherently evil due to the pollution of their souls by the orcish god Yurtrus as payback for COrellon Larethian defeating Gruumsh in battle. Remember, this isn't the real world, where evil is not an inborn, inbred trait; yes, these beings are intelligent, thinking creatures, but on this occasion the evil really is in their blood; real-world comparisons don't hold together very well in cases like these, IMO.
-It's been mentioned that the drow have "magical" weapons and inherent spell abilities; while I'm no expert on play balance, it seems clear to me that Gygax gave the drow these abilities so they could offer a decent challenge to the high-level PCs who fight in the GDQ modules. Most of them are low-level fighters or clerics, and wouldn't last very long against powerful, high-level parties. Against strong opposition like the PCs (and the PCs have to be strong if they're going to directly assault a fire giant stronghold), the drow need something to even the playing field...which makes drow generally only suitable for high-level encounters.
Oh, and check my quoteline for the last word on the subject, from the Grand Old Man of D&D himself...