I enjoyed the story. It was clever in ways, but nothing remarkable or groundbreaking. Meyer did her research, which I appreciated. She asks the reader to suspend disbelief in a major way but cleverly lets you trust her with the minor things.
The writing itself is either brilliant or savvy. She could be brilliant in the way that Ken Kesey or J.D. Salinger were brilliant: narrating in character. I've never been a melodramatic 17-year-old girl in the throes of teenage romance, but I knew a few. The character was pretty believable in that respect. Maybe not literary or original or whatever, but believable. On the other hand, Meyer could be a savvy writer, writing a story that takes advantage of her limited talent or skill. If Meyer's skill is equivalent to a high school junior's, then more power to her for finding an outlet that lets her make a ton of money taking advantage of it.
Would I recommend it? Let me answer with an illustration. I've often asked my parents if they remember this or that pop culture icon from their young adulthood. They frequently told me they were too cool for this or that. (M*A*S*H and The Twilight Zone are the only exceptions.) So if you want to tell your kids you were there when Edward kissed Bella the first time, read it. If you're too cool for that, don't.