Mmm...I think it improved in terms of drama and it certainly got a lot darker after the events of TSR. But it's been a while since I've read any of the LNs, so it's possible it's better in my mind's eye. I do remember thinking it was better than the anime had been at the time, though.
The story is pretty terrible, but the Laevatien is cool and nuts and seeing it in good animation action will be great.
But yeah, for people who are fans of FMP, the series completely jumps the ship at this point and is really, really dumb. We're talking about Jesus Yamato level of ridiculous missile spam + bad, bad story.