It is often quite good, but it could be vastly better. I remember helping to translate an article into English. It was written mostly by my friend, whom I know to be impatient with phrasing, and in the course of translation he often changed the original text, added caveats etc. The gist of his meaning remained, but it was framed very diffently. Often, however, reviewers are too hurried and point out only the worst mistakes or unclear places. Perhaps it would be useful to have a 'malicious revier', a person unversed in the given field but fluent in data presentation, send his comments to the author before the article is shown to domain experts?..
I feel that a lot of what's in LW (written by Eliezer or others) should be in mainstream academia. Not necessarily the most controversial views (the insistence on the MW hypothesis, cryonics, the FAI ...), but a lot of the work on overcoming biases should be there, be criticized there and be improved there.
For example, a few debiasing methods and a more formal explanation of LW's peculiar solution to free will (and more, these are only examples).
I don't really get why LW's content isn't in mainstream academia to be honest.
I get that peer review is not the best (far from it, although it's still the best we have, and post-publication peer-review is also improving, see PubPeer), that some would too readily dismiss LW's content, but not all. Lots would play by the rules and provide genuine criticisms during peer-review (which will lead to the alteration of the content of course), along with criticisms post publication. This is in my opinion something that has to happen.
LW, Eliezer, etc, can't stay on the "crank" level, not playing by the rules, publishing books and no papers. Blogs are indeed faster and reach a bigger amount of people, but I'm not arguing for only publishing in academia. Blogs can (and should) continue.
Tell me what you think, as I seem to have missed something with this topic.