You should read the latest arc, it's awesome. A lot of character development for Lucy and Gray. Not to mention, there is danger currently (and it's massive).Fairy Tail WAS Awesome
but then....After about 300 chapters of reading I realised that None of the main characters are actually Developing, None of them are pursing a goal. They were just doing random missions that somehow became entire arcs.
There is no sense of Danger because FT always, ALWAYS win under the most ridiculous circumstances.
Absolutely No Blood (All animes I've seen at least have some bloody scenes)
The Humour becomes really Cheesy
And Worst of all.....the plethora of Fanservice that interrupts serious moments.