The saddest part is that this was the direction they were wanting to go to get away from their bubble gum image, and the suits finally said, "Heck, let 'em do it." Nesmith was rich from the Liquid Paper thing anyway, so he didn't care.
As to their talent, they weren't good musicians, not compared to the studio guys that did their first albums, but their harmonies were excellent, and they could really run with the Boyce-Hart type stuff.
They had to play their live concert themselves (and the sound isn’t that great, especially when they try to immitate the opening act, the Jimi Hendrix Experience, who they picked up after seeing him play at Monterery). You can even see Mickey Dolenz in the crowd at the Monterey show.