I just read through my WIP so far, and I absolutely love it. It is awesome. Somedays, I want to hurl it off a bridge, and flog myself for thinking I could ever dare putting pen to paper. Why?
Judging a WIP is a little like judging a baseball team - it's never as good as it looks during a winning streak and it's never as bad as it looks during a losing streak. Occasional fits of perfectionism alternating with bouts of realism may have something to do with it.
There are times when I look at a story I'm writing and I think it's the best thing ever written. The next day, I think it's garbage. A week later, it's great again. By Saturday I want to flush it down the toilet. The hardest thing I've ever tried to do in writing is get some kind of reasonable distance from my work so that I can evaluate it dispassionately. I still haven't mastered that little trick.
I understand where you're coming from, sometimes I'll read over my work and think, 'What was I thinking?'
Same here. Some days I look at it and think that I picked the right hobby. Other days? "Wow, there's a lot of grammar issues here and there, holy crap the dialogue is abysmial! What am I, four? Forget it, I'm just going to play videogames. At least that's easier."