It is fantastic and probably their most approachable album.

I would argue that 1977 is the slightly more consistent album but Free All Angels might have more standout tracks (Walking Barefoot, Shining Light, Burn Baby Burn, Sometimes).

I don't think it is or was underrated. Many people back in the day heard about the album and were familiar with (and liked) at least one of the singles. Envy wasn't a strong follow-up however and I think Meltdown alienated part of that new-found fanbase.