Hornblower was the inspiration for Star Trek's Captain James Kirk, as well as Cornwell's Sharpe. Hornblower is more cerebral and socially awkward than Kirk, more educated and refined than Sharpe. In his own right, Hornblower is certainly an engaging and complex character and the series is an interesting study in leadership, and a fascinating portrait of life at sea in the age of sail.
I do think the series lost something after Hornblower gained so much in rank and position. I think the best books run from Hornblower and the Hotspur to Flying Colours when he captained ships of his own. But I do think one of the strengths of the series is we see Hornblower at all stages of his naval career--from raw teenage midshipman to admiral. And it's not as if this book doesn't have its share of daring do and loss. Hornblower has his faults, his moments of self doubts, and his dealings with women... well. But especially in the course of reading several books he begins to feel real in a way few fictional characters do. I'd say he's easily as indelible and remarkable a literary creation as Sherlock Holmes. And if this isn't in my opinion as good as those books with him as captain, it's stronger than others in the series, and certainly very readable.