It's not garbage, but definitely not worth the high praise either. I don't mind a season-long story, but Sherlock has been totally out of character, even for someone as eccentric as himself. Moreover, you are defending the show based on what the next episode is about? What kind of logic is that? Sherlock is one of my favourite shows, even now, but it hasn't kept up with the bar it set for itself in the previous seasons. That is what it should be compared to. I'm enjoying it, sure, but still disappointed with the execution.
I need to add that the script of the second episode was beyond brilliant. Some of the dialogues Sherlock says during his speech are just too amazing.
Take this for instance, said in between the speech:
...and contrast is after all God's own plan to enhance the beauty of his creation...
[pause]
...or it would be if God were not a ludicrous fantasy designed to provide a career opportunity for the family idiot.
The change in expression of one of the guests as he shifts from one sentence to the another is noteworthy.
There are many others that are worth a second viewing.