1+2, in my opinion, are the best in the series. 3 is still great, 4(Escape) is the weakest entry. It wouldn't be nearly as painful if it weren't for the console-intended/inspired controls.
You can tell it was developed primarily for PS2. Direct controlling Guybrush feels awkward, and the way you sort of "slide" when you go near an object is obnoxious, and can make getting the right context cue for an item difficult at times.
Story-wise, puzzle-wise, it's fine (though a few are the sort that don't really have any logical explanation, and have to have a bit of guesswork, but they're all a bit guilty of that), it's just those controls that make it my least favorite.