I watched the first episode yesterday with my husband. There was a bit of cheese involved, some definite hamming, at least in the fairy tale backstory--but not as much as I feared. The early scene that was released as a promotional bit was probably the worst as far as that went, and it was literally the second scene in the episode (where the evil queen comes in and warns everyone that she's going to take away their happy endings).
The show has gotten some mixed reviews, especially as far as mainstream reviewers are concerned, but all of the feedback I've heard from the fairy tale communities has been positive. I'll add my own to that--it's a lot of fun to look for the fairy tale references and see how the characters are spun to be recognizable but modern in the Storybrook, Maine, setting.
Even my husband, who politely indulges my fairy tale obsessions, got to the end of the episode and said, "Wait... so... is the next one out yet?" Which I think is very promising in terms of layman fans of the show.
Here is the trailer, in case you somehow have missed it:
Also it's available on hulu; I'm not sure if they'll have an expiration date with it now--I don't see one at the moment but they do tend to roll five episodes at a time for current network TV.