I can't speak for why you don't like it, but I can speak for why it's not working as effectively for me. They are down a noticeable cast member, and the remaining cast are split between two story lines, not intersecting as often as they did in season one. It feels more disjointed, and thus less enjoyable, than when they were all together playing off each other.

It would be true of any show. If Friends alternated between the guys doing stuff in Chandler's and Joey's apartment, and then the girls in Monica and Rachael's, with the two groups rarely all together, then it would have been a lot worse.