[bludvein]

It's bad. I don't think anybody will deny that, but its not the worst out there by far. I can think of at least a couple that are much worse.

The art isn't atrocious or anything. It just looks worse than it is because of a lack of backgrounds in most panels and differing character design from the novels.

Where it really fails is the story though imo. If the reader hadn't already read the novel beforehand you would have absolutely no idea whats going on. Introductions were poor, and characterization almost completely absent. You might get a laugh out of the beginning with the wrathful classmates, but thats it.

EDIT: On a slightly unrelated note, I think the worst art I ever saw in a commercial manga was actually done by Togashi. That wasn't because he was a bad artist though, just lazy and overpaid. He actually managed to get sketches/rough drafts published in SJ because he failed to finish on time.