I think so. It developed slowly, but the FlW division has the potential to be super solid right now. We just need Horiguchi and MM back, with them it would be one of the best divisions arguably. Reis and Cejudo changing styles to be more stand up oriented, and Formiga remembering he's a grappler has helped change some of the dynamics at the top of the division. Figueiredo, Pantoja, and Perez are all welcome additions to the top 10, they all have exciting styles. There's even guys like Brandon Moreno and Justin Scroggins (I know he's gone, but he could easily come back if the division is saved) outside the rankings with exciting styles. Tell me this isn't a stacked top 10 across all divisions?
1. Henry Cejudo
2. Mighty Mouse
3. Joseph Benavidez
4. Kyoji Horiguchi
5. Jussier Formiga
6. Deiveson Figueiredo
7. Ray Borg
8. Sergio Pettis
9. Dustin Ortiz
10. Alexandre Pantoja
Far cry from the days of guys like Chris Cariaso, Josh Sampo, and Darren Unyenoyama being ranked.
Damn didn't even mention Jon Dodson, who could very easily come back. Admittedly the division doesn't have a very rich history, but with its current depth, I think the division just developed slowly. With that kind of roster, I could easily see there being more exciting fights.
To answer your question as it currently stands, I can only remember two fights being standouts, and they both involve MM. MM x Jon Dodson and MM x Henry Cejudo ll where very solid fights by any measure.