A lot has been said since I posted yesterday.
Regarding Territories, the music is, IMO, subpar in every way. I think the "better beer" line is pretty dumb, but the lyrics as a whole are not. That said, I don't think they're anything special either. They make a clear point, but that's really about it, and they don't tell any real story.
I don't really lump Signals in with GUP through HYF. Stylistically, it belongs with PW and MP a lot more than the albums that came after it. The biggest problem with Signals was its production, which is pretty glaring considering it followed MP, which I consider to be one of the best (if not THE best) produced albums of all time. Keyboards are everywhere on Moving Pictures. None of the seven songs on MP is lacking for keys, so their ubiquitousness on Signals shouldn't have surprised anyone. The issue was that the guitars got buried -- not necessarily to make room for keys, but they're just not there in some places.
Everything changed with GUP, and the most obvious thing to point to is the lack of Terry Brown. I've written a ton about the obtrusive keyboard sounds that were being used on GUP through HYF, the harsh, tinny guitar on GUP, Neil's overuse and ineffective use of electronic percussion, and Geddy's decision to play Steinberger and Wal basses. All of those things made those three albums a mess. The other thing that starkly marks that era is Geddy's significant change in singing style. The songwriting also wasn't as good, and I can't explain that, but there are a number of good songs: The Enemy Within, Between the Wheels, Manhattan Project, Marathon and Mission (and, to a slightly lesser extent, Kid Gloves). There are a few other songs that probably would have been much better with better performance and production, and the two I point to are The Body Electric and Red Sector A. I think they (along with Red Lenses) are the worst songs on GUP by a wide margin. However, the 21st Century live performances of RSA sound SIGNIFICANTLY better than the album version. Also, a band I like a LOT called YYNOT does a live version of The Body Electric that is 100x better than the GUP version.
As far as ranking albums, I always have a very tough time, but I can usually put them in tiers
God Level Tier
Hemispheres
Moving Pictures
Permanent Waves
A Farewell to Kings
(I can't really pick a favorite from any of these albums, and there's not a single bad song on any of these albums)
Minor Deity Level Tier
Signals (too many high points to single out just one; The Weapon is the weak link)
2112 (obviously, the title track is the best song; Lessons is probably the "low point")
Not Sure What to Call This Tier Tier, but These Are Both REALLY Good
Fly By Night (lots of high points; Rivendell usually gets skipped -- especially when I'm driving since falling asleep at the wheel would be a bad idea)
Presto (Available Light might be Rush's best post-Signals song and is criminally underrated; many other high points; Scars, Stupidconductor and Hand over Fist should be stricken from history)
The Close but Not Quite Tier
Caress of Steel (No One at the Bridge, Bastille Day and the Necromancer are the high points; Going Bald is the low point)
21st Century Tier
The best songs on VT, S&A and CA would make a great album, but all three have a significant amount of filler. This era also brought yodeling Geddy. Also, I don't get all the love for The Garden (One Little Victory, Ghost Rider, Vapor Trail, Earthshine, Far Cry, Armor and Sword, TMMB, Hope, Caravan, BU2B and Headlong Flight are the standout songs).
The Nice Start Tier
Rush (Working Man, as overplayed as it has been, never fails to impress; side 1 other than Finding My Way is forgettable)
Adult Contemporary Tier
I dug a lot of Counterparts and Test for Echo when they were released, but I find myself rarely going back to them. More memorable tracks on T4E than Counterparts. I think I'm due for a refresher on both of these.
What Were They Thinking Tier
GUP, POW and HYF (see above)
Thanks but No Thanks Tier
RTB (so disappointing after the turnaround that Presto represented; Big Wheel and Ghost are probably the only high points)