Good but not great (so far)
I watched the first episode last night.
Just based on that one ep, I'm going to put this one in the good but not great category. The performances are solid and the story is interesting because it's the story of Waco, and that story is fascinating. But the execution on a lot of fronts feels fairly average.
I do think that it feels pretty even-handed in its treatment of the story. They're making Koresh out to clearly be a flawed character but not a monster, at least so far. His followers seem pretty reasonable for the most part, not like wild-eyed cultists. (Though I gotta say, as soon as Koresh tried implementing the celibacy rule my ass would've been OUT!)
I also liked the way they tied Ruby Ridge into the story, though it occurred to me that someone who wasn't at all familiar with Ruby Ridge may be a bit lost with that sub-plot.
All in all, I'd give the first episode a 7/10. Though it's important to note though that this episode is all set up, laying the foundation for the crazy shit to go down. So the show may very well improve from here.
In any case, it's at least good enough that I'll stick with it.