I've been following the last few dozen chapters with interest, but this was the first one to make me want to post.

Spoiler

Did they really just kill a main character? Since they are messing with time, I'm going to guess there's going to be a reboot, but that was a pretty dramatic death...

 

While the manga chapters are meh atm, I have to say, I'm immensely enjoying the Fairy Tail Zero chapters with Mavis as the main character. Makes me wish we would get weekly updates from that.

 

Honestly, if you are looking for plot and characters similar to FMA, Fairy Tail is definitely the wrong place to look. It has meh plots, awkward character development where, as mentioned earlier in this thread, bad guys make rather fast heel face turns because of friendship, fights are resolved with power-ups through friendship for the main characters, in fact, most fights end like that, and it is stock full with awkward, forced fan-service that is maybe the most I have seen in something like this. It gets pretty jarring.

Really, if you are looking for plot and character, this is not it.

However, the characters are still likable and I am quite fond of them, the worldbuilding is actually decent and I quite like it. It might not have the same potential as Naruto has with regards to fanfiction but the difference is not quite as big as one would think. The fights are fun for the most part, as are the abilities of the characters. There are a few "fuck yeah" moments here and there in fights, when one character does something awesome and at times, the arcs can be fairly interesting and entertaining.

I think its biggest strength is that it knows what it is. It's cheesy, full with fanservice (obviously more girls shown in bikini or other outfits but also a lot of shirtless boys with sixpack), lots of "friendship is magic" moments (it can be actually the title of the show, they can convert friendship into magic and power up their spells), cool fights, heartfelt moments here and there and a story not epic or well-woven but sufficient to show the characters do stuff.

It's not like Naruto, where it tried to do many things and failed. It knows it is a B-type manga and doesn't try to pretend it isn't.

So, if you feel up to read that kind of manga, not at all serious or quality and are looking for a bit of fun with lots of action, a bit of humour and friendship moments, yeah, Fairy Tail is a good one to check out. The key to enjoying Fairy Tail is to not take it seriously and have the same expectations you have when you watch something like MLP or Spongebob or something in that vain.

If you are looking for a tight plot, well-developed characters and themes such as FMA, well, you could try Fate Zero (anime, 24 episodes) or Puella Magi Madoka Magica (anime, 12 episodes plus movie or 3 movies).

You could give Fairy Tail Zero a go, though. It is a tad more serious than Fairy Tail and plays a hundred years or so before the manga, focusing on the girl who will found the mage guild Fairy Tail. 3 or 4 chapters so far and it could give you a decent idea what to expect. It also lacks fanservice, IIRC.