For some history on the "Ashes":
http://en.wikipedia.org/wiki/The_Ashes
Dates back to 1882 the series. The "trophy" (urn) actually doesnt move from the MCC Museam at Lords in England due to its fragility.
I can see understand how people find the sport boring, theres not something "happening" all the time, the thing about cricket is the historical test matches are long (5 days). Thus as a spectator you dont have to watch every ball/moment. In Australia in Summer its really common to invite friends/family over for a day of watching test match cricket - usually involves more than a few beers, a good aussie barbecue and backyard cricket.
As a player, its a very different sport from football, rugby, basketball etc, its very psychologically draining, requiring concentration, patience more than many other sports. Its not about one ball or one moment (they are rarely game changing), about winning a 10 minute quarter, its about winning sessions (generally 2.5 hours).
The introduction of the 20/20 format (20 overs per team, games lasting about 3 hours) has made it more marketable, and attracted new fans that like that prefer a shorter version, and more big "hits", this version is all about the bastmen and is more comparable to baseball.