I watched the entire series this past summer. I have to say, I now understand why everyone holds it in such high regard. It is almost perfect. Almost.
I agree about applying the "time is a flat circle" quote to The Wire (on a related note, the final minutes of the series finale are incredible). But season 2? Really? I thought that was the weakest of the show. Mainly because of the dock worker storyline. I understood where they were going with it, but it was just so boring to me, and the newspaper staff storyline in season 5 wasn't that much better either. Those are the only two gripes I have with the series. I was very relieved when season 3 focused on the Barksfield organization again and brought Marlo into play. And season 4 with the kids? That just broke my heart.
But besides my aforementioned few problems with the show, I thought it was damn near perfection. Everything from the cops, to the inner workings of the mayor's office, to the Barksdale and Stanfield crews, to Omar.