There is a key difference between your average Latin American telenovela and the soap operas found in the United States. While many of the former certainly carry the negative qualities of US daytime television (bad lighting, writing, acting, casting, plots), telenovelas generally run for only one or one-and-a-half years, providing relief for the general population from their generally horrendous production values. In the US, soap operas will run for as long as is humanly possible, ensuring a career trap for the actors involved, and possibly their children.
Examples of recent successful novelas include:
From Brazil (generally produced by Rede Globo, the largest television broadcaster in the world outside of the U.S.)
O Clone
Esperança
Aquarela do Brasil
Laços da Familia
Terra Nostra
Uga Uga
Padres e Hijos
Hilda Furacão
Xica da Silva
From Mexico, Puerto Rico and Colombia(Aired in the U.S. by Telemundo, Univisión, and Telefutura)
Daniela
Dos Mujeres, Un Camino
Pedro el Escamoso
Las Juanas
Vale Todo
From Spain
Betty la Fea