Not at all, it was mearly supposed to be in comparison to the first. I did like the first cover. I suppose if you look at it as awesome (compared to the first cover), ok (compared to the first cover) etc.
I like the fact that it is different from the first MM. While the first MM was good, I think the books need to be distinct from each other (I didn't like the rehashed Monsters of Faerun cover).
My favorite MM-variant cover is the Creature Collection cover (with white wolf fur).