I haven't watched the show, but judging from those pictures the production value was significantly lower.
I can't really comment on the "fashion value" except say that those few pictures you posted don't showcase great fashion in my opinion. To be honest, it looks a bit "cheap", like a dumped-down version of VS, although that probably means the clothes are something you can actually wear on a day-to-day basis, and maybe that's what you meant. Still, it's not as interesting to look at; the outfits look almost too basic (lack of creativity?).
But of course VS "fashion shows" are more entertainment spectacles designed to promote Victoria's Secret and their models, not so much their clothes or fashion in general.
I have high expectations for this year's VS show since VS has now officially gone back to their roots in terms of styling. If you look at their most recent magazines and commercials, and the preview for the upcoming Supermodel Obsessions book featuring Doutzen Kroes and Adriana Lima, it's clear that VS has now gone away from "sleazy-sexy" and back to "classy-sexy" like the VS / MegaBrand CEO announced they would.
So perhaps this year we will see something more similar to the 2003 and pre-2003 shows (2005 was my personal favorite though).
I'm excited for two other reasons: The show will be in Miami and Adriana will be wearing the fantasy bra. I also suspect that high-fashion models such as Natasha Poly and Hana Soukupova will be back this year. Natasha was receiving some award last year and I expect Hana will be back as well since she'll be doing promotional work for VS next week.