It depends heavily on the genre, at least for me. So-called genre fiction--mysteries, sci-fi, fantasy, that sort of thing--really doesn't hold up to rereading, since the whole draw is, by and large, the setting and the plot. I still remember the solution at the end of Murder on the Orient Express, and I still know how Liu Cixin's theory of galactic civilizations is going to play out in the Three Body Problem, so there's not really a draw to reread those books: the language is serviceable but not exciting (at least in the translated TBP), there's no real symbolism/inter-textuality to dig into on further readings, &c. However, I still find myself rereading favorites like Gravity's Rainbow and Moby Dick every few years: the jokes are still funny, the language is still beautiful, and it's still enjoyable to ponder the references and metaphors the authors are (possibly) building.

Your comparison to television is a pretty good one, honestly. I've never really rewatched an episode of a serial television series (other than trying to refresh my memory when picking up a new season), since there usually isn't any substance there beyond the plot and characters, but I'll happily rewatch movies if the directing, cinematography, and/or acting are compelling enough.