Oh, there were seven or eight good episodes - stories only "matter" if they're good, not because they fit into and advance some kind of "arc." It doesn't help that the metastory in B5 was mediocre, derivative and ended in a sham climax ("Get out of our galaxy!").
My biggest disappointment with Babylon 5
--and I love the show--is that it didn't deliver on JMS's early promise that this would be the show where all those science-fiction writers could come to write those stories they couldn't do on Trek.
As the seasons progressed, B5 got too bogged down in the metastory. (Yes, yes, I know all the production reasons.)
I had hoped that there would be a stable of revolving writers each season who would take advantage of the locale and universe to tell challenging SF stories. Alas, as JMS took the reins completely, there wasn't much room for that.
I still think that if there is a B5 revival that it should drop the arc and become a more anthology-like series, telling stories of the different kinds of people going through the station. Thus allowing all sorts of writers to write the scripts.
JMS compared B5 to the "naked city" -- that there are thousands of stories to be told there. However, we only got the main story as told through the handful of characters we watched week in and week out.
I felt that was JMS writing too much for Boxleitner's own speech patterns.