I've watched the first two episodes
1) The inferior quality of the work is apparent. The main thing I noticed were the space f/x shots sometimes looking poorly composited. The other thing I noticed was a quite noticeable variance in the grain from shot to shot, something I hadn't really picked up on in season 1. I was aware of both of these things before I even watched the episodes, but my girlfriend who was not aware of these issues also commented on the grain in certain shots, so it wasn't just me noticing what I'd read about. To me, the grain is the bigger problem of these two issues. I shouldn't be watching the show and thinking about the variance in the grain. i am watching on a 60" TV, this issue may not be as noticeable on smaller screens. For the record, I'm not against grain in general, but I do think it's more important to have a consistent look to the episode. If you're going to DNR scrub, DNR scrub the grainy shots a little too so it's not as jarring. Or better yet, just don't use DNR.
2) SOME of the f/x work looks quite good, like when the Enterprise was launching probes into the void in Where Silence Has Lease. I thought Nageelum could have looked better though.
3) It's still a huge improvement over the DVD releases and I'm not sorry I bought it. I am however glad they are not using the same production house for season 4 and onwards.