I just finished it up not too long ago, and yeah, it is definitely a show deserving of the acclaim it has received. The character writing is just phenomenal! The thing I like so much about it is that it manages to do what so little of any kind of narrative work seems capable of: it shows all these sides of complex issues, deeply and meaningfully, and really fleshes out the humanity of the situation. It's a hell of a show that can get you rooting for both sides of the line in "the game."
Also, I have to say, despite the fact that it is a crime drama, I really appreciate that most of the time, it wasn't all that overtly violent. Hell, look at what gets shown in most prime time network crime dramas these days, and what violence did take place on-screen in the Wire seems mostly tame (and definitely more realistic) by comparison.