I really like Babylon 5. It ran for five seasons. The first season and the last season were hit-and-miss (although I'm finding the first season is better than I remembered it being), but 2, 3 and 4 were fantastic. Whereas the episodes in the first season were generally unrelated (sort of like a typical Star Trek episode), after that it picked up a continuous, linear story that was very good. It also got much better with the change of leads in season 2 - Boxleitner is much better than O'Hare.
However, I can't really compare it to Farscape, since I've never watched Farscape. Perhaps I'll do that next. I would say that Babylon 5 compared favorably to Star Trek Next Generation and was better than Deep Space Nine.