It certainly is not the most engrossing mystery you will ever read, but it's the beginning of Sherlock Holmes, and everyone likes to start at the beginning anyway.
Some of the conclusions at the end were far-fetched and random. I didn't mind the Utah part once I finished it, but it certainly could have been interwoven much better with the story and made the whole thing quite a bit longer. Holmes didn't really go on any sort of chase, he just spent a lot of time conjecturing with the police and Watson, and then the criminal told us the whole backstory. In that respect, it was more boring than other Holmes' stories.
I can deal with Holmes being conceited. However, I can't accept how he has to be correct at everything, even when the evidence can only give him a random, wild guess. Blood from the murdered because of a nose bleed? How can that be your only conclusion from excess blood?
It was a quick read and engaging, even for being written so long ago.