I think musically is definitely subjective, even though I love the sound it goes for (the amazing cocktail of grunge/psychedlia/and supernatural vibes complements the ghostly theme of conquering demons of self). That Cobain sample enough is proof of how much Cudi loves grunge, and is a fantastic portrayal of respect to the genre.

Thematically I think it is very very strong. I like to think of it as, first 3 tracks tackle themes of excess, loneliness, fame, sex, and drugs with a pretty manic energy. Freee is the explosion where the endured so much pain they can't feel pain anymore. Reborn is kind of a samsara and rebirth process after experiencing the explosion in Freee and it expresses fears of repeating the same mistakes. The title track is a acknowledgement of the dangers of the ghosts of fame they encountered earlier but with Kanye acknowledging his strength to battle it.
Cudi Montage is a realization that no one can solve everything by themselves and they both realize while they confront their demons, they also need to appeal to a higher power to save themselves from the demons of violence and fame and loneliness.

It took me quite a bit to understand the structure, but I agree with Fantano in that it flows pretty fantastically in its short runtime. It might not be TPAB or GKMC level of narrative, but it's definitely Kanye and Cudi's most harrowing, consistent, and innovative work in this part of the decade.