Well, let's put it this way... In 2E, the PCs in our group were, well, "clueless", meaning that they had no flippin' idea what was out there. They had heard about one plane, but it was really just a region of Arvendor. They had heard about another plane, but was really just a layer of the Abyss. And so on and so forth. It had all the appearances of a divergent cosmology while all the while being the Great Wheel.
In that regard, no, I've never been too happy with it, but I never saw a reason to dislike it or wish it was different since nothing ever dictated that this was the way the PCs knew it to be. And with the "planar behaviors/traits" provided by Planescape, desigining these divine realms (a piece of Elysium, a wheel of Mechanus, etc.) was fairly simple, especially since each plane (and each layer of each plane) is infinite and there's always room for more.
Of course, my "limited map of the heavens and hells" easily translated into its own cosmology with the transition to d20, though honestly I diverted due to OGL issues and my web site (i.e., unable to use the Great Wheel rather than an actual desire to break away from it).