I've been trying to watch through Voyager now that it's on Netflix as well, to finish off a franchise (re-)watch that I began months ago. I'm in the first third of season two right now and stopped watching three episodes in a row out of sheer boredom. I've watched about four more episodes fully through after those three, the latest being yesterday, and I'm considering dropping the VGR part of the overall plan.
Season two had some good episodes, but it wasn't my favorite. Actually it was probably my least favorite of all of them. I think it was like they didn't really know what direction to head in at that point. When I watch them again not long after having seen them previously, I tend to skip over a lot of season two. I think season three picks up and then by four (for me at least) it really kicks butt. When it was on the air, I think I stopped watching around season four because of time limitations as well as having gradually lost interest. When I finally rented around 5 years ago, I fell in love with it.
I would say that the first three seasons are reminiscent of TNG with a lot of character stories and some interesting ship encounters, but after that it clearly separates itself from all the other Treks and takes on it's own feel.