Pretty much. It's an anthology series, so each season is different. Unlike other TV shows, you don't have to watch previous seasons to understand what's currently going on. I personally enjoyed Season 2 (Asylum), with great performances by Zachary Quinto, James Cromwell, and of course, regulars Jessica Lange and Sarah Paulson.
The recurring/regular cast members, in addition to Lange and Paulson, are Evan Peters, Lily Rabe, Taissa Farmiga, Denis O'Hare, Jamie Brewer, and Frances Conroy.
New this season: Kathy Bates, Angela Bassett, Emma Roberts, Gabourey Sidibe, Patty Lupone.
Previous seasons: Connie Britton, Dylan McDermott, Zachary Quinto, James Cromwell, Lizzy Brochere, Joseph Fiennes, Chloe Sevigny.