I think it could have been a brilliant album, but it was just handled sooo poorly. Give it the production of the black album, or perhaps something similar to Load but heavier, and edit the crap out of the songs and cut and paste a few things, and it would have been brilliant. Alas.
There is still some good stuff on there though, Sweet Amber and The Unnamed Feeling are awesome songs, and there is other good bits here and there. The only song that I think completely blows and could not have been turned into something great, is Purify, what a piece of shit. Worst song Metallica have ever done.