From a game mechanics standpoint I think Armada is much more refined. Removing the defense dice makes the game more streamlined, less erratic, and provides interesting tactical choices for the player. Making the attack dice more consistent and having tons of abilities to reroll or swap faces makes luck much less prevalent.
I also agree that the meta has become unappealing in XWM. In my mind, X-Wing is a dogfighting game... flying tanks with turrets doesn't seem like dogfighting to me. I will still probably collect one of each ship when they go on sale, because I am a Star Wars junkie, but I imagine anytime in the future that I am playing XWM, I'll be thinking about Armada.
My thoughts are basically in agreement with all these points. The lists one is required to take to be competitive in an X-wing tournament these days do not interest me at all. Armada seems somehow both more deep tactically and more streamlined than X-wing.