I'm on the third one. I've responded to the first two on my blog, and did reviews of them here. The writing isn't very good, but James does develop as a writer with each book.
As far as content, some of the sex scenes are hot. The BDSM is not realistic (speaking from someone in a D/s relationship), and I HATE how Grey's BDSM is a result of his childhood abuse. Actually, it makes me quite angry!