For me, the first series is the best of the lot. It's damn clever, with the whole alternate-history aspect - and well worth a re-evaluation after the recent digging-up and subsequent historical re-evaluation of the real Richard III.
The core conceit of the first series, i.e. that the victorious Henry Tudor did a thorough character-assassination job on the defeated Richard III and essentially created the twisted version of history that reaches us through Shakespeare, is now the subject of current debate among historians.
If the first series has a "problem" then I guess it's that it requires a working knowledge of English history - and Shakespeare - to fully appreciate, whereas the later series function on a much broader comedic level. There's an extra bit of scholarly "meat" on the first series that makes the later series (increasingly) seem like costumed panto by comparison.
I think the way a larger proportion of the humour in the first series requires you to "get" the references increases the enjoyment if you do get all that stuff, but probably detracts from it if you don't - hence opinion being more divided on the first series than the others.
I watched them all on first broadcast, and my recollection is that the first and second series were instant classics: everyone was quoting them the next day. The third and fourth series were comparatively feeble and disappointing at the time - more like comfy panto, with little of the deliciously venomous bite of Blackadder II - but they have definitely improved with age.
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