Metro09: It was definitely better than most Sci-Fi shows out there. The problem was it was on Fox.
Weclock: Maybe watching Red Dwarf and Dr. Who has spoiled me..
You can't really compare Firefly with Dr. Who and Red Dwarf. :)
While I can't really answer about why the series was considered so great by others, I can say why I think it was great:
-interesting and believable setting
-great choice of actors
-interesting mix of science fiction with the western genre
-it plays with and subverts various clichéd tropes
-interesting characters with well written and acted interactions
-(minor): almost always accurate portrayal of real newtonian physics in space
-very good soundtrack
-it had the potential to be a great series