<< Negative on that one. It took them time to get off the ground because they re-wrote the entire application from scratch. The recent builds have been VERY good! >>
You're giving AOL/Netscape too much credit on the amount of time that it took on the code rewrite. Netscape already had a beta of the "Gecko" page rendering engine up and running BEFORE they were bought by AOL. Right after the merger occured, a bunch of the Netscape engineers fled the company, which added further delays to the project. The Silicon valley job market was hot back in 1998, and many startups offered those programmers better pay AND more exciting work to entice them to leave.
I believe that the loss of these programmers is one of the key reasons that Netscape open-sourced their 5.0 code as Mozilla. After all of their best talent fled the company, they didn't have enough in-house staff to release a product competivive to IE anymore.
Of course, If I posted this on Slashdot, the Mozilla developers would moderate me down to "-1 Flamebait" in no time. Gawd, their moderation system sucks.