I thought it was alright. The Steph heel turn at Armageddon was a typical SWERVE but I thought it made sense in the end.
The faction itself made sense, with Triple H moving away from his adolescent DX phase and turning into a serious force, although I think it would have made things a lot more legit if Road Dogg and X-Pac abandoned their DX colours and became more serious as well. Retain the ring names but adopt new attitudes. Nobody cared about DX in 2000.
The MHF worked because while Triple H was being treated as the top heel, Steph at least allowed herself to look vulnerable. The Authority sucked because Steph got away with murder and she was untouchable, and the top heel of the group was treated like dirt.
Once Steph started to get her dirty fingers into the writing pie, creating love triangles and shit, then it started to turn rotten.