I started FT a few days ago and I'm around episode 50 myself (Nirvana battle now, Jellal's resurrection)
To be honest, it doesn't suck at all.
Of course, this could be a personal preference if you like it or not.
Character development. It's there, you can just gradually see Natsu evolving and being able to take on his true power/dragon slayer form, as Gajeel was already able to do when they fought. (I don't know the correct term, sue me.)
Battles? There's plenty of that, Natsu, Erza and Gray are constantly out destroying cities, while Lucy is trying to avoid that. How awesome is that?
Makarov? Fairy Tail's personal combination of Naruto's Hiruzen Sarutobi. Old, leader, believes in his Nakama (Will of Fire anyone?) and is a pervert.
Story line? Ok, it lacks a story line for the most part, but honestly you're so caught up that you don't notice it. During the Tower of Heaven, I found it pretty nice that Jellal and Sieg something were the same person, how is that not a good story line twist? (Albeit that it was a tad obvious at some points.)
Humor? It's there! Natsu's always rushing into battle, his motion sickness. Erza's dominant figures and otherwise urge to prove herself. Lucy just being depressed all the time because of her team, how can you not find it funny?
All in all, FT is nice to watch, but I wouldn't watch it alone, keep it as an active side-anime for when you've caught up with the rest you're watching, but mostly give it time to grow. It's only been there for 2 years, not 10-15 like OP and Naruto.
And FYI: K stunna faggot, Bleach rushed into character development so rapidly, that it sucks now. Ichigo was spamming Bankai, while the rest were just ****ing weak retards with the exception of SOME character. Bleach is great in the Gotei 13 arc, but it sucks after the Hueco Mundo arc. If you like it after that, you're just some biased fanslut.