Eye shadow and a baboon suit. And we still like him?
Naraku is one of few characters who is truly evil. Apparently, one can get away with labels like that in a kids' anime.
Charges against him: the death of Kikyo; the curse on Miroku's family; the destruction of Sango's village and zombification of her little brother Kohaku; overall torture of Inuyasha. So much to do and so little time.
The main conflict is the Inuyasha/Kikyo dilemma. Naraku was once a thief named Onigumo, and the priestess Kikyo cared for him when he was barely alive. He loved her and cursed himself for it. He begged the demons to eat him, that he could merge with them and rule them, wanting to rid himself of human emotion. That is when he became Naraku, the embodiment of many demons.
He sought the Shikon Jewel that Kikyo protected. To get this, he devised a betrayal between her and Inuyasha, believing that she would taint the jewel with malice out of her anger with Inuyasha. She chose instead to die, and the jewel was born in Kagome, her reincarnation.
It is clear that Naraku still has feelings for Kikyo, though he is now more demon than human. One must wonder, though, why he does not also take interest in Kagome...?