The editing is less insane after the first episode but I think part of the show's charm is the ridiculousness of it all. I seriously doubt most people watching are finding it scary or shocking or any of that. At least I'm not. But it's a fun and weird and funny ride.
I just plowed through the first five eps today online (thank you FX for having them online). I don't find the show particularly scary, but some of the subject matter was disturbing in an over-the-top way, which is what I think they're going for. I'm interested in seeing how the backgrounds of the ghosts get fleshed out over time. Witnessing the family's disintegration is kind of like watching a train wreck - in slow motion.