I've never played it personally, but from browsing rec.games.pinball from the wreckage that Google made of the Deja Usenet archive, it seems one of the common themes of this game is *broken*. This pinball seems to have had a nasty tendency to break a lot and break often.
Apart from that, there are complaints about confusing rule flow and layout and the like (which happens in some of Oursler's pins too). My "first impression" of all of this is that it was a combination of a lot of things: a tendency to break often, a theme that might have annoyed some (cartoons, "tree hugging"), and a deep ruleset that requires some time (and a working pin) to understand. Plus, the competing Bally/WMS pins were of high quality. If you are an operator, would you choose Popeye over World Cup Soccer, Demolition Man, Indiana Jones, or Star Trek TNG?
My guess is: it was underrated back in those days, I think.
Sounds about right, underrated. I would love to have this one in pinball arcade.
And to answer your question: would depend on my arcade. If I had a ton of young children coming to it then yes, I'd buy a Popeye. Adolescents, I'd get the FIFA table and adults I'd get Demo Man. Star Trek and Indiana Jones would be no brainers, those are in my arcade without question!