...as long as you keep in mind they tried to do something different with the franchise. As such, the fifth installment is more of a supernatural morality tale in the line of Angel Heart and Jacob's Ladder. Everything does make sense, if you get all the way to the end.
Whether you like the inclusion of the Cenobites depends on whether you think they have to be center-stage or not. They basically do what they're supposed to here, and this movie does a better job of establishing how they torture people (as opposed to just ripping people apart in ugly ways) then the previous movies have done. The idea that they engage in psychological torture is one that none of the previous movies in the series have expanded upon in any great depth (although the fact they inflict pleasure as well as pain still needs to be touched upon a little more - the twin she-Cenobites kinda hint at this, though).
Basically this is perhaps the more subtle of the movies in the series, due to the apparent requirement that the Cenobites not play a large part. Rewatch it a time or two without the expectations that this will be a blood-oozing, skin-rippping "Pinhead movie" like the others, and you might be surprised.