The ingredient list is really no better than any other low end food which uses alot of fillers such as corn, wheat, and oat flour which serves as fillers and binding agents. Look at their list and then compare to NLS flakes which uses actual whole Antarctic krill and whole herring instead of fish meal which utilizes all the left over parts from other industries rather than the whole fish. Compare and you'll see the differences.
The other issue I have with API or TOP Fin and most other fish foods is they use the leftover fish that the other industries don't use rather than quality named source, so there is more waste which is evident from the ash content. Fish can assimilate only so much mineral content, and any excess will simply be adding unwanted pollution to the aquarium water.
The last big and most important issue I have is about protein it's not the percentage, it's the quality of them proteins themselves. Food that derives it's protein from high soybean, corn, wheat flour and other fillers is not nearly as digestible as a high quality pellet that uses quality ingredients. Proteins are made of amino acids which contain nitrogen, carbon, hydrogen, and oxygen, so as the fish is breaking these poor quality foods down they in turn make a lot more nitrogenous waste which as everyone knows will effect water quality.
I agree with the NLS recommendation or if your really want to use flakes the only one I use is Zoomed Spirulina 20.