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It's probably a bit of both. It's a drawback of trying to keep a story going just because. The longer it goes, the more likely it is to meander and lose focus. I've heard similar complaints for TV shows and God knows it's true for comics. I think there's a lot of merit to ending a story in a definitive and timely fashion.I can't tell whether that's because it was better at the start or because the episodes tend to get repetitive.
You know I think you're right. They got bogged down in their own continuity. The show worked a lot better when it was a bunch of throw-away references that no-one expected to come back. It starts getting tedious when you're still following the same plot threads (one crumb at a time) from a year ago.