Compliment or insult?

Bossman: D, I was very pleasantly surprised with your draft of the presentation. I had very few comments or revisions. It looks like it's in very good shape.
D: Thank you.
Bossman: Well but not that it speaks anything about you, it's just that usually everyone else does such a poor job.
D: Oh, um, ok. Thanks?

Hmm, is it a compliment when someone tells you that you didn't suck as much as everyone else?