What is it?
Phineas and Ferb is an animated series created by Dan Povenmire and Jeff "Swampy" Marsh, who previously worked together on such shows as The Simpsons and Rocko's Modern Life. In it, stepbrothers Phineas Flynn and Ferb Fletcher spend each day of their summer vacation fending off boredom by building outlandish contraptions and organizing exciting (and potentially dangerous) events for themselves and their friends. Their teenage sister, Candace Flynn, is obsessed with exposing the boys' schemes to their mother, who is blissfully oblivious to Phineas and Ferb's daily stunts. None of them are aware, however, that their seemingly-docile family pet, Perry the platypus, leads a double life as a spy in a top-secret government agency comprised entirely of fedora-clad animals, and is in constant battle against his arch-nemesis, Dr. Heinz Doofenschmirtz.
Also, there's at least one musical number in every episode.
Why should I care?
Because the show is fantastic. Don't be fooled by the fact that it airs on the pop-culture wasteland that is the Disney Channel; P&F is a true work of quality, featuring terrific and extremely-likable characters, writing that surpasses the vast majority of shows on TV (animated or otherwise), and kick-ass music. It's a great show for kids, but also appeals to a much older audience with its sharp humor and references that often go over younger viewers' heads (MSNBC recently named it one of the "top ten kid shows with adult appeal"). When you watch Phineas and Ferb, you're pretty much guaranteed to have a good time.
How Can I watch it?
New episodes usually air in the United States on Fridays at 9:00 PM EST (8:00 Central) on the Disney Channel . However, new episodes have been coming a bit infrequently lately (probably because the production team was busy until recently with Across the Second Dimension), so you may want to check program listings to see when the next new episodes air.
If you want to watch previously-aired episodes, you can catch them as reruns on the Disney Channel or Disney Channel XD (they re-air old episodes out the wazoo; check your local listings). However, probably the best way to see episodes after they air is on Netflix streaming---episodes are made available just a few weeks after they air on TV, and are available in HD! It's an excellent way to see the series from the beginning, which is recommendable, since the show is chock-full of running jokes and references to previous episodes.
Sample Clips:
The theme song
S.I.M.P. (Squirrels in my Pants)
Mexican-Jewish Cultural Festival
Ain't Got Rhythm
News
10/27/11: Toy Story 3 writer hired to write script for theatrical P&F film
7/14/12: Phineas and Ferb/Marvel crossover special unveiled at San Diego Comic Con.
Miscellaneous:
Times Talk panel with show creators and actors. An hour-an-a-half long, but quite entertaining and informative