WARNING--My opinion's here. You might not like it.
I used to like Forgotten Realms. Back in the days of the original grey box set. When it pretty much just used to be the grey box set.
Then there were the novels. Those blasted novels. As fantasy books, on their own, they were OK. But fantasy fiction isn't necessarily the best example of material that can be considered "game balanced." Yet, that material got introduced into the game, and, IMHO, the game suffered due to it.
And then the Times of Trouble mess. And wild magic. And the drow overuse. And the NPCs--man, those NPCs.
I think what bothered me about it is that some players were left feeling unhappy or cheated if they played a typical D&D character (ala the PHB) in a FR game. There had to be something "special," whether being of a particular FR subrace like drow or gold elves, having particular abilities like spellfire or wild magic, possessing unique magical equipment, or anything else along those lines. Wanting uniqueness in character reflected in game mechanic-based bonuses/characteristics rather than through deeds, personality, or accomplishments.
As for the current incarnation, I could leave it behind. The only FR stuff I play are computer games, & that's only because the games are in that setting. If I want a magic-rich setting, there's Eberron, & that's a bit more intriguing, esp. since there's not a massive host of high-level NPCs present (big-name, yes, but not necessarily high-level).