Agree with both of you. All of DT's lyricists have penned what I think are 'gems,' and they all have a dud or three as well.
Myung and James have the highest batting average (in my opnion), but they have way fewer at bats.
I've actually really grown to appreciate MP's lyrics in recent years. I was not a huge fan when he was in the band, but there's a directness to his approach that contrasts nicely with JP.
Obviously, JP has been the band's largest contributor, and to this day I still consider songs like 'Lines in the Sand,' 'This is the Life,' and 'Someone Like Him' (from Octavarium) to be some of the most poignant lyrics I have ever heard, bar none.
For a band that is so applauded (and rightfully so) for it's musical prowess, I've always considered the band's consistency in regard to lyrics to be one of their secret weapons.