Yes, it looks like the clothes are badly made, by a team that tried their best, but who don't (yet) have the skills to produce magic on the level that's required.
Some of these pieces look wearable and will be bought by anyone who doesn't have to think twice about the price; they'll simply be updating their wardrobe with a few new Valentino items, like they've always done.
But there's nothing here that truly warrants a sky-high price or indeed, praise. The team have gone through the motions of doing Valentino, but don't have the eye that the man himself had. And haven't yet found their own secret ingredient to add, that will turn the clothes into something special.
The question is, how many times will the new team be allowed go through the motions before (a) they come alive in the role and inject some life into the designs, or (b) they get sacked by being reincorporated into the backrooms again, in a more respectful dismissal than was shown to their predessor, because life's unfair like that.
Of course, there's always (c) this is what it's going to be like for the forseeable future, but given the revolving doors of fashion design, even the Valentino label might not tolerate that level of blandness for long. It might give them a longer chance than would be shown to most, but there will come a moment where something more will be needed. Who'll be supplying it... the duo or someone new?