Two teams can win it, which is more than Origin.
England made the 2009 final, so there are three competitive sides.
In the next rung down in the Pacific, Tonga were leading NZ 10 minutes into the second half of a game in 2009 ... all the Pacific teams play exciting styles and have their moments, and playing each other, they are great to watch (just look at the Tonga vs Samoa game from the 2008 World Cup).
The Europe sides are also very interesting. France is going downhill slightly after a good few years where they almost knocked off the Kiwis in 2007 (leading with five minutes left), and a couple of close results against NZ and Aus. Wales really seem to be improving, making the Four Nations this year which will be interesting. then Ireland have gone downhill since the World Cup, but had a great tournament there. Then there are a heap of countries in Europe who are challenging to take part in the next European Cup.
There's plenty of good quality international sides, just because the tournaments don't get the same publicity as they do in union (and how many teams can win that world cup - three?) doesn't mean it's a joke.
Personally it is the highlight of the league year for me, when the internationals come around. I guess if I was an Aussie who kept losing finals to the Kiwis I might feel differently.