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He understands London and Londoners love him, despite his shortcomings.
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My Mrs, a born (and half-bred) Londoner, votes for him because she remembers him fighting for London against Thatcher in the 1980s, particularly things like Fares Fair, and going down in flames. Don't overestimate the power of martyrdom, being the little guy who gets up and carries on swinging.
While obviously that political capital isn't inexhaustible, it does explain why he won against the odds back in 2000 - nice though Frank Dobson is, no one was going to vote in a candidate deliberately parachuted in to stop Livingstone. He also has a track record of fighting central government and being proved right, for instance on Metronet and London Overground, which is one reason I'm voting for him - see his 2004 manifesto and compare against reality:
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* continue recovery from two decades of neglect under the Conservatives
* continue the programme of increased neighbourhood policing
* cut crime and make streets, parks and public transport safer
* continue reducing traffic congestion by extending the Congestion Charge Zone
* extend improvements in bus services and delivering similar improvements to the rest of the transport system
* improve transport in outer London with better buses and new tram lines
* run the Tube later every Friday and Saturday night with a free service on New Year's Eve
* work with government and voluntary sector with a long-term aim that all parents have access to high quality, affordable childcare.
* build 30,000 new homes a year and continue providing affordable housing
* tackle air pollution, making London a Low Emission Zone with rigorous pollution standards for lorries, buses, coaches and taxis.
* provide free bus travel to under-18s in full-time education
* bring the Olympic Games to London in 2012
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2 are waffle (I get high-quality childcare, but I'm not sure he had a lot to do with it), 1 (the housing) I've no idea about, one is half-done (no trams yet, thanks to the Tories and NIMBYs) and the rest I think he gets a tick in the box.
So not quite 'love him', perhaps, but people certainly see him as a true Londoner and thus, fundamentally, on their side, since he generally does what he says he's going to do.