I think it shows some promise, although is much more aimed toward people who like a gritty police procedural than those who are looking for a fantasy story. The set up is that Nick is a police detective and one day he starts seeing creepy monster faces on passing people. His aunt shows up and tells him bits and pieces about his family legacy: he's a Grimm, one of the few people who can see what no one else can. Which starts him down a spiral of fairy tale mysteries, beginning with a predator hunting and killing girls wearing red....
I'm a bit worried at the show's early tendency to only have women as victims. So far all the interesting characters are male, except for the aunt who is clearly, from the beginning, slated to not be around for very long. (Which I can understand, as she'd be able to explain everything, and that would make it Too Easy. Still, so far I'd rather the show had been about her--what's HER story?! She kicks ass! Ah, well.)
I'm willing to give this one a little time to get its feet under it, because hey, I'll take my fairy tales how I can get 'em. The special effects aren't bad, so far--not big budget Hollywood great but certainly passable. The actors... ehh, nothing outstanding so far but give them some time to figure out who their characters are.
You can (as I mentioned) watch this on hulu if you don't have the network or the time to watch it when it's scheduled: