It's been a while since I've heard it, so I'll have to spin it again before I can give anything more than a vague answer.
I remember Fripp's soundscapes being a highlight, but that's hardly something I can attribute to the talent of Steven Wilson....
I think it's just Wilson's general sound. Not of his voice, but the general sound he is attempting to achieve with this project. It strikes me as meandering, and terribly dull in places. I have no qualms with long compositions, generally speaking, so its not the length of the tracks that bother me.
I don't really remember hating this, anyway. It's just more of a "nothing special" kind of experience. I've read a lot of positive reviews of this, by people who like a lot of the same music as me, and I guess I just don't hear what they hear. I'll put this on at some point and come back to you with more detailed reasoning.