The way that I usually put it is that OS/2 is what Windows 95 should have been. It was fast enough, stable enough, and had decent backwards compatability with DOS and Windows 3.1 applications.
I don't know if I'd go as far as saying that OS/2 was quite a bit better than Windows 95. I loved it because I hung out on my moderm a lot, and the multitasking was great (remember when you waited for downloads, and couldn't use the modem for anything else). OS/2 also had some great serial communications and tcp/ip applications. But other than that an OS is only as good as its applications.
Many popular titles were not available for OS/2, the available versions were ANCIENT, or you were stuck in a DOS/Windows 3.1 VM. Windows 95, in contrast, had native applications on the day it shipped. From what I can recall, OS/2 took somewhat longer to boot, which meant that it sucked for dual-booting gamers. Thankfully I was not in that scene. OS/2 also had Windows 95's system requirements years before Windows 95 was released, which means that the former ended up being regarded as bloated even though the latter was not much better.
OS/2 lacked drivers for popular hardware, or had low quality drivers that contributed to system instability. Then there was the famous SIQ issue, which wasn't cleared up (sorta) until late in the Warp 3 FixPak cycle.
OS/2 did have its place. That place included my hard drive. But in most cases OS/2 was just plain limiting.