Fourth bottom have 40 points. They won't have this season. Relegated Hull got 9 wins. Fulham will need to win more in their final 13 games than they did in their first 25 to get there. Man City will likely have run away with the league by game week 32 and every other side except for Man U, Leicester, Villa and Leeds are either getting lucky or under achieving.
Beyond that the quality of some games is utter dogshit. Early on Leeds 4 Fulham 3 may have been entertaining for the neutral but it contained some of the worst defending I've ever seen in an elite game. Clearly Parker agreed and changed half the squad with the result that they now specialise in low scoring draws. Fulham / Sheff U last night was Championship standard. The West Brom game was League 1.
Not saying its the best season ever but a lot of those things you mention really doesnt indicate that a league is "good" or "bad" - Hull being able to get 9 wins while Fulham wont could, if you turn the argument around, be evidence that the league is stronger now and a poor team cant get as many points as Hull could.
As for games seemingly being Championship / L1 standard, its something that happens every year. I dont remember the game but I would guess very few watched eg Middlesbrough - Burnley 0-0 and thought "oh what a fantastic Premier League game".