I liked it myself, and I especially liked the advancement of the world in subsequent products (and in the articles in Dragon magazine that appeared). To me, it made Greyhawk feel like a more fleshed out, living world than I'd ever seen it (outside of the Gord novels, that is- particularly the first two).
That said, I did get the feeling that it was rushed somewhat, and I think that was part of the problem many people had with it (not the whole problem, obviously). A similar thing happened to my favorite TSR world- Mystara- wherein the introduction of a metaplot and subsequent annual event packed almanacs really made the world a living interesting place, but the whole metaplot was far too rushed and sudden for my tastes (especially as they ended up putting it so close to the "standard" year of the previous Gazetteers- even the original design notes had the whole of it stretched out over a longer and more believable period of time. Don't know why they condensed it.)
So it was good and bad for me. Like I said, I'd never really been interested much in Greyhawk before that, but I felt that in retrospect it should have been more gradual than it was.