I rewatched the entire run of Frasier around a year ago and I absolutely loved the focused experience of watching a whole series in a short space of time. There are a season or two that aren't quite up to the same high standard as the others but the average quality is incredibly high.
After finishing the rewatch I kicked myself that I hadn't also marathoned Cheers beforehand, as that is, of course, where the character of Frasier first appeared.
Amazon have just reduced their prices on the complete DVD box sets of both Cheers and Frasier so I may have a serious think about attempting both series back to back.
Cheers is currently only $112.49, 55% off the list price, and so too is Frasier, also 55% off the list price. There are over 260 episodes in each set so they really do work out as being incredibly cheap per episode.
The DVDS are U.S. discs so region locked to region 1. Those locked to another region be warned, but if you're in a region 2 area you may want to pick up the UK discs instead as they currently come in at only £51.18 for the Cheers box set and £56.16 for the Frasier box set.