I haven't liked anything of his recently, but "Room for Squares" is almost a perfect album. Lyrically, it's one of the best coffeehouse albums ever made.
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From that album, this song is '3x5'. From a lyric perspective it is almost flawless ... the progression of the music and how it builds into the end is amazing.
As others have said, he is a terrific, versatile guitar player and a great live performer (something Fiona Apple is not). But he has also made some incredibly corny, wince-worthy music (Body is a Wonderland, Daughters, etc). So I understand why people dismiss him.