Pretty sure they each contributed a story, but yeah, I was wondering abiout the quality of the rest of the writing.
There are some really good stories in Apocrypha and some I make a point to skip whenever I pick the issues up again. One of the best stories is about a young Kid Miracleman (I believe its written by Warren Ellis) realizing he's the only super-powered being in a world of humans. Moore didn't contribute any stories (he was completely done with Miracleman at that point) but Gaiman wrote the interludes between stories. So overall it's not essential, but worth getting just because there's so little Miracleman out there (I even got the pretty much useless Miracleman 3-D special since I'm a crazed completist).
The hardest run to track down is the Olympus arc, issues 11-16. I was trolling on Ebay for months until I finally won the trade (I gave up on single issues because #15 in particular was way out of price range). I remember I had to read it twice the night I finally got it. Amazing stuff. #15 and #16 may be the best two superhero comics I've ever read.
Gaiman's run is really worth reading too. Very different from Moore, but you can tell that he gets this universe. I actually came to Miracleman through Gaiman's Golden Age trade and then went back and pieced it together from there. Hopefully the rights dispute will be sorted out sometime in the next decade. It's always depressing to reach the end of #24 and realize that the comics have run out even though the story hasn't.