The main appeal of the original Space Adventure Cobra was its trippy old school animation. Can Cobra work without it? Not quite.
Compared to the OVAs, this series has more interesting ideas, pacing and wild twists than the two OVAs. Is it dumb as a brick? Of course, but its usually interesting. The last two arcs- from episode 6 on- are the best material in the series- and since theres no continuity, for uncertain fans of old Cobra I'd just skip to there.
This is fundamentally and intentionally a slight series, and it will be of zero interest to anyone not attracted to women. But it largely does what it sets out to do.