Well the Ferengi sucked really badly as baddies, they were originally supposed to replace Klingons as the main protagonists in TNG but came off as laughable and hardly a threat. This is also why when the Romulans turned up again in TNG their ships the warbirds were larger than the Enterprise and far more menacing looking.
As for the later episodes sucking Ferengi penis TNG definitely improved in the later series. Worf's head got more menacing, and he went around with a steel mail sash rather than the girly gold one and Picard started yelling alot more (since he seemed physically incapable of fighting anyone), but there were some real gems of episodes like 'Drumhead' and the double episode 'Chain of Command' (no google so no checking, so no series or episode numbers).
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