1. express regret that you can't participate in sth
as much as I would like to, I can't
'As much as I would love to' often precedes a polite rejection of an offer: "As much as I would love to, I won't make it to dinner on Wednesday." It is a polite way of expressing regret due to not being available or being able to participate in a friend or collegues plans. Depending on the intonation used it can also be a sarcastic way of rejecting something you've no interest in. You will hear this used more in social situations or in relation to social plans.