i've never been to kind to ghost reveries, and i even think that at one point i said that i thought watershed was better than GR (in the first weeks watershed was out), but i think completely otherwise these days. i haven't felt the need to listen to watershed since i tired of it after 5 listens. as i aint play this said, i can't listen to a whole song without having a feeling that something is missing.
comparing the two albums i feel that at least ghost reveries had a general aim and direction (though i still think it has many drawbacks, the major one being the over the top keyboards on every song...). however, at least the songs are involving, there's a buildup and a climax, it can be quite fun to listen to. i just can't say the same things about watershed =/.