I personally don't mind the production on bullets but the reason it is my least favorite is because I personally think everything that came after was just better. I am actually still stoked to hear bullets songs live since they are so rare but feel like they just got better at music after that album.
Yeah I feel similar, though Black Parade is their only album I really enjoy. The others have some moments, DD has the least to my ears. I just find it funny people on a "punk" website would dismiss an album due to the production values. Punk rock: the shiniest, most polished music in history.