It's technically brilliant but by the time you get to that album they'd polished all their rough edges off and it lacks 'grit' to offset all the cleverness. Kaye and Banks delivered it in spades, Wakeman and Howe, good as they are, couldn't do anything other than polished. It makes for a very unengaging listen as they take us through a journey into arch cleverness with the 'meh' pedal pushed to the floor.
Along with "Selling England by the Pound" it sort of marked the transition from "Progressive Rock" to a cartoonish and anodyne "Prog" that confused an ability to rock out in 13/8 with true innovation.