Regarding the OP's question, I say yes and no at the same time.
Why?
Because it's important to distinguish the DL modules from the DL novels. I'll explain what I mean by each in turn:
The DL modules were, IMO, fantastic. I'm not one of those gamers who really cares all that much about striking out on my own and doing what I want when I want-I'm content to follow the DM's railroad and plotline. The modules were an excellent example of how to create an ongoing plotline, giving different characters the spotlight at different times. Flint could be developed on the trip through Thorbardin, Laurana on Southern Ergoth, Sturm among the Knights, Raistlin after getting the Dragon Orb, etc. It also showed how to blend a matrix campaign with an ongoing sense of time.
The modules integrated the dungeon crawls into the overall plotline, and gave the players a better reason to enter them than to simply stuff their pockets with treasure. The history of the setting was introduced through the gaming and dungeon crawls. There was something for everyone-fights for the fighting players, role-playing for RPers, negotiation and political intrigue for problem-solvers, etc.
Finally, I don't think the railroading would have mattered as much if the gaming group had actually created these characters and had more of an emotional interest in them, since they would have set out the goals themselves of discovering more about the True Gods, reconciling the Solamnic Knights, rescuing the slaves of Pax Tharkas, helping the dwarves, etc. The players would likely have viewed all that as a logical progression of the storyline they and the DM had created up to that point.
Now as for Weis and Hickman's novels...
They were a major letdown for me.
How come?
First of all, Weis and Hickman blatantly favored some cast members (Raistlin, Tanis, Tasslehoff, Laurana, Sturm) and increasingly pushed some of the others (Riverwind, Flint, Tika, Goldmoon) to the background, or never let them do anything meaningful. Riverwind and Goldmoon seemed to just follow Tanis and Raistlin around as they saved the day, and never got a chance to do it themselves, being simply written out and not even getting to go to Neraka. All Flint ever got to do was complain, and suffer a horribly ignoble and pointless death in the third book. For a guy with an 18 Constitution, he sure had a lot of health problems. He never got to prove himself, he never got to "save the day", so to speak.
In the Twins trilogy, Riverwind only shows up to refuse to accompany Crysania, and then promptly disappears. Were it not for other writers telling the stories of Riverwind and Flint, it's likely Weis and Hickman would have left them to languish in obscurity while continuing to develop Tasslehoff, Laurana and Raistlin.
Then there's the fact that the novels left out so many strong points of the modules. Raistlin single-handedly defeats the Silvanesti nightmare and Cyan Bloodbane, there's no voyage to Sanction to free the dragons, no battle with the King of the Deep, no trip through the High Clerist Tower, no Serinda or Kronn, no voyage to the Glitterpalace, no voyage to recover the Hammer, nothing like that.
Finally, there was all the deus ex machina. The good dragons mysteriously appear out of nowhere to suddenly help the heroes-unless you know about what was going on in Sanction, the reader is left wondering why they didn't show up sooner. The Companions are caught red-handed trying to sneak into Neraka, committing a major security breach, and Kitiara shows up at exactly the right moment to bail them out, with no one commenting on how these intruders are suddenly given a free pass. For a god who's not supposed to intervene directly, Fizban pops up a surprising number of times to do exactly that, to spur the Heroes to get on with their business and not-so-subtly guide them.
I know I'm probably going to be pilloried for saying this, but the storyline as offered by the novels simply does not compare to those offered by the modules. I'm left thinking that I could have done a better job by integrating more material from the modules-such as Tanis's party finding Huma's Dragonlance hidden in the ruins near Kendermore, where Cyan Bloodbane hid it, and then bringing it back to Kalamar, where Sturm makes the ultimate sacrifice and recreates the feat of Huma by using his hero's Dragonlance to again drive the Queen of Darkness back through the portal. No, Sturm doesn't die at the High Clerist's Tower, but he gets his big sacrifice all the same.
Flint could have been developed more in Thorbardin. Tasslehoff could save the day when Laurana's party is penetrating Icewall Castle. Raistlin could weave a web of intrigue to play Kitiara and Toede for fools and pit them against each other, all while extracting Berem from their grip. Caramon could have developed a deadly rivalry with Lord Soth. And so on down the line.
I'm sorry, but that's just the way I feel. I think DL would have been better off following the line set by the modules as opposed to that set by the novels.