It's definitely better than it used to be. When I first got into it, many of the fights were big mismatches. Girls like Kelly Kobolt, Tara Larosa, Jennifer Howe, etc. were clearly better than the rest and they would basically squash their opponents in uncompetitive matches. The rest who weren't on their level were very sloppy and hard to watch.
Now that WMMA has been in the UFC for a few years, the talent pool has gotten much better, and many of the fighters are close to one another, in terms of skill and talent. I appreciate it, but I've always been a fan, so I guess I'm a bit biased.