This is largely an overly melodramatic, poorly produced, overblown release. Smith was fine when working within her limitations, straightforward pop songs such as "Redondo Beach" for instance. But when stretching her half spoken/half sung piano pieces over 9 minutes ("Birdland", I'm looking at you!), the paper thin nature of the songs is really exposed.
Of course, Smith's reach being longer than her grasp isn't the only problem with Horses, the album is nothing special musically, and, more frustratingly, she will oftentimes attempt to sing in a way that conveys emotion in a rather convoluted manner.
Defenders of the album come forth, I am genuinely interested as to why it is held in such high regard.