First of all, the graphics are pretty clean in lines, and the characters are distinct from each other. The character designs are nice too.
In regards to the storytelling, so far it's not an epic shounen with a large plot behind everything (at least, that's what I'm seeing). It's a bit more of an adventure story with different arcs coming as long as there are a lot of people reading. But then again Mashima could be thinking of something, or hiding something, within each arc so who knows. He might pull off something really epic in the end. Also, there are some issues that have yet to be solved, but it seems like there's no progress going on, like the dragons' disappearance (one of the the main characters, Natsu, was trained by one).
So far, it seems the author is trying to expand on each character, as most of the arcs focus on one of the main characters and reveal their past. But at 112 chapters, this is quite slow... But, as things are going on in the latest arc, I'm guessing the "main arc", the story that's underneath everything, might come soon.
As for the plagiarism and comparison a lot of people are talking about, please remember that this is a shounen manga, and many of the characters, even main heroes, are (consciously or not) modeled after certain established type of heroes/secondary characters/antagonists. Style is pretty easy to pick up on if you've been working under a certain person for a long period of time.
Anyway, it's a pretty interesting series nonetheless, and it's worth giving a shot. Also, there are a lot of female characters that really kick ass.