When Kurt Cobain sang "teenage angst has paid off well, now I'm bored and old," I think Billy Corgan heard the first part and thought "what a great marketing strategy!" and zoned out during second part. Some of these lyrics are downright juvenile: "the world is a vampire," "love is suicide," "the king of gloom," "God is empty just like me" etc etc etc. Cobain had a rich sense of irony and was taking the piss out of the music industry, Corgan is dead serious in a really embarrassing way.
There's a lot of good rock songs on this album, but it still feels bloated. Not because there's any serious amount of filler, but because the songs themselves are just packed with content. Almost every song has a hundred guitar overdubs plus synthesizers, keyboards, harp, orchestra, drum machines, etc etc etc. The epic grandeur of this album can be nauseating. This was clearly Billy Corgan's attempt to reach "rock god" status -- just look at the title and the artwork. He's obviously going for something baroque and "artsy," but it actually just sounds like an expensive album made by a guy going through a manic episode.
Overall, I have mixed feelings. SP were my "favorite band" from ages 10-13 and this album was a big reason why. Their media blitz worked on me because modern rock radio was blanketed with at least 4 songs (Zero, BWBW, 1979, Tonight Tonight) around this time, so I knew my dollar would stretch far if I bought this (double) CD. And on relisten, I still enjoyed much of it. But I was also reminded that, by high school, I grew aware there was something very cringe about SP. Kim Gordon put it best: "Smashing Pumpkins took themselves way too seriously and were in no way punk rock."