Hmm.. at the risk of being utterly reckless, I suppose I might as well wade into this battle and fly a big, generic "It's all good" flag, which I typically hate doing. My 4E fighter almost died like 10 times last night, but didn't, so I'm feeling invincible. Plus, another data point can't hurt, I suppose.
I'll just say up front that *I* think some editions have been more weighted toward rules presentation than the flavor or any effort to charm, but that doesn't have to stop anyone from having a good time. My ability to have a good time with any edition has always been more dependent on having the right mix of people than anything else. Anyway, here are a few thoughts. Take them or leave them.
I started with 2E and had never played any RPG's (unless Legend of Zelda or Dragon Warrior counts). Back then, 2E charmed the heck out of me. It was all I knew, of course, but I also didn't have any fan community telling me it was dry compared with 1E, that I shouldn't support it because it wasn't written by EGG, etc. I didn't pick it up with any preconceived notions. I apparently used my own fantasy novel familiarity to subconsciously fill in the blanks that I ran into. If you'd asked me why, I probably would have told you, "I thought that's what we were supposed to do." We all had a great time.
A while back when I started reading 1E, I was like, "WOW, this is fun to read!" because it felt like an old school fantasy novel (to me) with rules for a game mixed in. It read ALOT differently from 2E, but I didn't like 2E any less because of it. Regardless of whether it was fun to read, I'm a homebrew kinda guy. If I make the flavor up, it's easier for me to manipulate it on the fly. I hate feeling like I have to memorize 100 pages of someone else's setting before I can have fun.
Last year I bought the 4E books. I read through alot of the PHB, but grew bored reading it. Just felt a little sterile after my 1E refresher. Then again, I'm reading it from the perspective of having read 1E, 2E (and 3E) AND alot of Dragon magazine articles AND alot of online stuff. There's alot of material that I would have probably found more interesting (DM's guide stuff maybe?) if I'd never played before (how many times can you read the basics of worldbuilding?). It still has to be in there for the new folks, but given my experience, I'm not surprised I don't find it enthralling. Now, despite the books seeming a little dull, they're much more helpful to me in game - I find them very easy to reference on the fly because I don't need to sort flavor to get to the heart of some issue or other.
I know, I know, the old books weren't meant to be table references, but I'm just not that smart. I usually need to reference stuff to satisfy my own need for rules consistency.
Anyway, I'm rambling at this point, so I'll wrap up. I'm just trying to say that maybe the 4E books have less charm to me, but maybe I'm just more jaded now. Regardless, I just don't get too hung up on it. I still read all the editions and let them all influence my games. Besides, like I said, my fun at the table usually depends on having the right mix of people - people that bring their own charm.
OK, I'm ready to be called an idiotic bastard...