The Project Gutenberg version of Livy is based on a 1853 edition, translated by D. Spillan and published by John Childs and Son. It consists of all the extant books of Livy, with notes, and summaries of the books that are now lost. While of course this book is an invaluable as a historical document, I evaluate it solely based on how pleasant it is to read, and at times the two are at odds -- for example, Livy methodically names the elected officials of Rome every year that he has evidence for. While no doubt this is invaluable for tracing out the rise and fall of the great families of Rome, it makes for only slightly less boring reading than the genealogies of the old testament.
The translator notes that he went for a literal translation approach to the text. I don't speak Latin, and the ways things are going I never will, so I can't really evaluate the accuracy of such an approach, but the result is mostly readable. Sentences tend to be longer than one normally uses in English, and the shifts from past to present tense can be jarring, but overall there is nothing wrong with the way the book is written.
The extant books cover the period from the founding of Rome to the last war with Macedon, with a gap from the Pyrrhic War to the First Punic War. Livy's main focus is military history, and this makes the work pretty dull until Hannibal arrives on the scene. The trouble is that most of the opponents Rome faced in that period are minor Italic states that we don't really know anything about other than that they fought Rome and lost, and that is more or less all Livy tells us. Over, and over again. It seems to me that either the sources Livy had for this period are extremely sparse, or the ancient Romans took a Egyptian approach to history, because in these five or so centuries you could probably count the number of defeats Livy concedes on one hand, and the reasons given for this phenomenal military record amount to more or less "the Romans fought harder". Once we reach the Second Punic War things get more interesting. Rome is no longer invincible, merely very good, the tactics used by the various generals are more fleshed out, and the interplay of military campaigns and political developments are explored in greater detail.
Which brings us to Livy's secondary focus, political history, which makes for much more interesting reading. The Romans certainly weren't the only people of antiquity to experiment with representative government, but they were certainly the most interested in talking about it, and it is not accident that Livy's account of the evolution of Roman institutions remained a treasure trove for political philosophers for generations to come. The conflict between the fickle Plebeians and the manipulative Patricians is the dominant theme, the general impression being that the Patricians are better at running the state, but if left unchecked they will use any opportunity to enslave the Plebs and undermine the commonwealth. It's a shame we don't have Livy's account of the dying throes of the republic, because the very same forces remain in play until the very end.
Next to nothing is said about the social history, which is unfortunate because Livy is very much a Roman writing for other Romans, and doesn't see fit to explain the self evident facts of Roman life.
Livy by and large tries to maintain an objective tone, laying down the history as it is handed down to him, noting disagreements in the sources where he finds them, but making little effort to develop anything like a theory of history. At times, however, he cannot resist commenting on the events he describes, and these are fascinating for what they tell us about Livy himself. Two examples I remember is that when coming to the end of yet another intra-Italian war where the Romans kill everyone, loot everything, and sell everyone into slavery, Livy observes that if one were to tally the amount of casualties the Romans inflicted on the Italians over the years one would expect to find those countries barren wastelands, and not states capable of waging ongoing wars. His conclusion, however, is not that the Roman kill counts may have been slightly embellished, but rather that Italy must have had more people back then. Another is that in days of yore the world was full of portents like talking cows and bleeding statues, but no one seems to report anything like that in his own time. Could it be because cows don't actually talk? No, of course not. The countryside must be full of talking cows, it's just that the atheist youth of first century Rome no longer care to record such events.
Must have been an interesting guy.