Season 1 is okay. I remember seeing it and thinking 'this is just Star Trek on a space station, interesting SFX but I don't see it lasting,' However, it picked up as it went along. But it was only really during S2 that I got interested (even though I preferred Michael O'Hare to Bruce Boxleitner). And then I got hooked.
As has been said, a lot of the dialogue is hokey as hell (and speaking of which, JMS must have typed the word 'hell' about 10 zillions times when he was writing the show) - The West Wing it is not. The acting is generally either wooden or hammy, with a few notable exceptions (Katsulas, Mumy - Jurasik was enjoyable but fairly hammy, IMHO).
I don't agree that the production values made it look bad - I'm aware of how low budget it was but I think it looks fine for that and I think that their aliens looked a lot more diverse and, well, alien
than most Michael Westmore designs.
Seasons 2 - 4 were some of the best sci-fi ever seen on tv at the time, even if I think that DS9 ultimately did surpass it, with its final few seasons. Sadly, JMS, fearing cancellation, rolled his original ideas for Season 5 into the last half of S4 and there was a rushed feel to the end of it (even if it still pretty much rocked).
Season 5 was somewhat redundant as a result and adds little to the mythos but the final episode (filmed during shooting for Season 4) is wonderful.
All in all, I'd say go for it.