If it brings the fans joy more power to 'em. But the players play for the real trophy, the Stanley Cup. The President's Trophy is nothing more than the highest seeded qualifier for the real tournament, and winning that isn't all that more impressive than finishing 2nd, 3rd, 4th, 5th, etc.
The issue I have with celebrating it as a serious accomplishment is that quite frankly, not every team is competing for it. Teams that know how to get it done come playoff time (Colorado and Florida come to mind) have been resting players for the last week or so already. Teams also aren't going all out for every game of the season like they would be in the playoffs.
Ultimately it's a lot like winning a foot race, but some of the guys you beat were using the race as a warmup jog for the real one. Sure you were the fastest, but it's kinda meaningless when some of your toughest competition wasn't taking it seriously.