Not really. It's still a bunch of schlock, contrivance, and space magic that fudges its way across the narrative's finish line.
And yes, plenty needs to be "fixed" about "ME2" (I could get used to that!) and some of ME1, especially to make ME3 that uber power-fantasy some wanted to play.
Maybe to you, but most people don't seem to have a problem with it. So if people didn't think twice about the "schlock, contrivance, and space magic", but got immediately pissed off about them in Mass Effect 3, then that's a clear cut sign that the execution of it in Mass Effect 3 was pisspoor. Bottom line, there's a reason why most fans consider ME1 to have the best written story, and no it's not nostalgia.
Btw I don't know when people started to turn on Mass Effect 2, but I think it's absolutely crazy. If people are gonna start crapping on Mass Effect 2, then let's just denounce the entire trilogy and call it a day. Mass Effect 2 didn't "reboot" the universe, it expanded on it. They took what they established ME1, and fleshed it out even further. As much as I love ME1, the world felt kinda empty. It had this lonely atmosphere to it. But then ME2 came along and made these worlds actually feel rich and alive. ME2 is guilty of deviating too far from the Reaper storyline, and dumbing down the RPG elements. That's pretty much it. Other than that it's a fantastic entry in the series and a great game.