They really avoided one horrible makeup problem too. If you watch the pilot, the makeup on Delenn looks really bad. Like it was slathered on with a trowel or something. The reason was that they originally intended to play Delenn as male until transforming in that chrysalis. They did the entire pilot movie like that.
I actually quite like the effects. They looked better than video game graphics did at the time. They also had a lot more variety and action in those shots than say TNG. DS9 definitely seemed to pick up on what B5 was able to do with large numbers of ships flying all over.
