Interesting opinions expressed thus far. Here's what I think:
1) Still one of the best sounding albums ever. Very few sound better. (DSOTM/WYYH take those honors, imho.) Just from the aural aspect, this album rules.
2) Engaging story and well "written" throughout the entire album. Every single sound helps to enhance the narrative and mood. The tempo of songs, the cadence of the singing, the voice chosen to so the singing are all done so to best convey the story and feeling. This was back in the days of no Pro-Tools. Everything had to be done the hard way.
3) Excellent musicianship. 'Nuff said.
4) The songs could be taken out of context of the album and still have meaning and power, and yet every single song serves the over-arching album just as well. Very few bands can do that, (Queensryche's "Operation:Mindcrime" is another example of this) let alone do it that well. Pink Floyd had done 3 times.
Argue all you want about how much you dislike the album, its relevance and importance can't be understated. As for being overblown and pretentious...who else but an egotist to tell such a tale?
I'll take PF over just about anybody, any day of the week.