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Well, they can't all be winners. They certainly can't all be huge and epic, either, but "Boom Town" particularly suffers by being bracketed by Steven Moffat's debut and the first in a long line of budget-busting series finales. This cheap-feeling episode has a couple of things to recommend it, however, and it's actually better in 2012 than it was in 2005.
I absolutely agree: it's a mediocre episode. I do find myself rewatching it more than I might expect, though, because I love that dynamic of the TARDIS trio. While you're probably right that they couldn't keep Jack in the TARDIS for many episodes, I really do wish we'd gotten more time to see them work together. For me, Jack is at his best with Doctor and Rose. I do understand Jack's difficult character arc, and what his unique property (spoiler sensitive, just in case) does to him, but I don't enjoy him as a character as much in Torchwood.
When I rewatch Boomtown, it's usually because I want to revisit the Doctor/Rose/Jack dynamics, like the scene where the four of them stride into the Government Building with Jack describing the situation and the strategy, and the Doctor having a little fuss about who's in charge. But before I get there, I have to sit through so much Slitheen drivel, and I'm quickly wondering why I turned on this crap again.
Thanks for this throwback review!