Upon further review, the new album is good, but it's just missing that something. I cannot pin point what it is, but it reminds me of Her Majesty the Decemberists in that it is enjoyable from start to finish, and has a few songs I would say are highly enjoyable, but just doesn't have anything I would call great, and it lacks what I call the "replayability factor."
But hey, I would still say four of their seven full length albums are great (Castaways, Picaresque, Crane Wife and Hazards), so having a few albums that are merely good ain't so bad.