I thought it was above average for today's TV, and I find the characters the most compelling part of the story. I like the fact that Olivia is beating herself up over her not having seen her boyfriend/partner's betrayal until it was too late and the self-doubt that's brought up in her.
One interesting thing I noted was that in the initial meeting of the panel that's following The Pattern, it was mentioned that the FBI hoped that their new team would have more luck than the previous one. So, what happened to their last team?
And Massive Dynamic is clearly the antagonist here, until proven otherwise. They pretend to be working with the government on solving The Pattern, but I'm guessing they're using that as a front to protect their own operations. Then again, this being a J.J. Abrams show, nothing is ever as it first appears.
The Peter Bishop character is going to have to find an official niche real quick, though. I like him, but he' just doesn't fit in a tidy spot. He's not FBI, and though highly intelligent, he's not the uber-genius his father is (he's also a crappy shot, as evidenced this week

).
I'm going to stick with it for awhile and see if the show starts hitting on all cylinders. If it ends up to be a watered-down knock off of the X-Files, then I'll jump ship.