This project is very ambitious and absolutely amazing. It implements wholly new kinds of spacecraft technologies. It operates using concepts scarcely known back in the Apollo era: for example, had this project been tried in the 1980s it would have failed as the gravitational dynamics of semistable Lagrangian points were not sufficiently developed - though scientists thought they were!
Just the configuration of the spacecraft itself would have been inconceivable thirty years ago. The mechanical dynamics of a totally unsymmetrical structure with a large rotating mass couldn't really be modeled then. The Hubble Space Telescope, a much simpler platform, nonetheless suffered problems with the both the software and hardware of its stabilizing system. And that's despite the fact that much of it was based on existing spy satellite technology - which isn't the case here.
And the mirrors! Actually, it was the Smithsonian Institution, not NASA, that pioneered multi-segmented mirrors back in the 1970s, but the segments for this telescope can't even be fully tested on Earth!
Nobody has built anything like this! If it works - still an "if", in my opinion - it should be able to deliver amazing performance, and its position at L2 means it can make more observations for longer periods that its predecessors. My only criticism is that the design life of the spacecraft is a mere ten years.
P.S.: Don't worry about the 'scope not picking up the visible part of the spectrum. That will be done with super-large ground-based telescopes and images combined by computer - all made possible using synchronized atomic clocks that tick so fast individual light waves from different sources a million miles apart can be superimposed accurately.