It might lack the impact of later albums, but I would agree with several other reviewers that "The Smiths" is the second-best Smiths album, after "The Queen is Dead". Perhaps its lack of recognition in regard to later albums is partly due to the slightly leaden production, partly the "atypical" nature of some of the songs, but for me "The Smiths" contains some of the band's most beautiful, haunting and memorable work.
The obvious early Smiths classics are all there. "This Charming Man" remains as catchy and whimsical as ever, and is perhaps the greatest early example of a perfect combination between Marr's composition and Morrissey's lyrics. "Hand in Glove", the group's first single, is still one of the most romantic songs ever written - Morrissey's observations on the experience of being in love are remarkably astute. "Still Ill" is a stunning nostalgic tale, and "What Difference Does It Make?", while not quite achieving the impact of the three tracks already mentioned, sits comfortably among the group's best work.
Despite these songs, some of the most beautiful work on the album is found on the slower ballads. The opening track "Reel Around the Fountain" is a wistful yet strangely relaxing tune of contradictions - though at first it sounds like a beautiful love song, closer attention to the lyrics reveals that it is about nothing more than sexual desire. "Pretty Girls Make Graves" is a clever and memorable song about confused sexuality, and "The Hand That Rocks The Cradle" is surely one of the group's most underrated songs. Full of haunting imagery and with a subtly unsettling edge, it deserves recognition as one of The Smiths' greatest ever songs, and features one of Morrissey's best lyrics. "Suffer Little Children" also deserves special mention - there has never been a song about a real event which packs so much punch as Morrissey's incredibly moving song about the Moors Murders.
As for the other songs, "You've Got Everything Now" is an amusing and catchy rant at jealous school-friends, and "I Don't Owe You Anything" is yet another lovely song which deserves more recognition than it gets. The only duffer on the album, for me, is "Miserable Lie" - an interesting experiment, and perhaps it works better played live, but as a studio recording it simply doesn't hold up, and it sticks out like a sore thumb on an album full of so much quality.
Overall, the quality of this album really shines through. Not as punchy as "The Queen is Dead", but just as beautiful, and well worth the purchase.