Hm. I wasn't too sure at first, but it's growing on me. They are focusing heavily on the addict facet of his makeup. I really wasn't happy that the writers shoved Sherlock's sexuality(???) in our faces before we even meet him (a bit of mystery please? No? Thanks, writers). The crimes/plots weren't very complicated (I knew whodunnit one week before I even knew there was a murder), and they play fast and loose with locations and relative distances in NYC which is surprisingly annoying to me. Jonny Lee Miller pulls a lot of faces and Sherlock is very non-fastidious in his hygiene, so it just annoys me how far they took this version from canon, or even the BBC version.
That said I keep watching every week. The mysteries are improving, the Holmes/Watson relationship has been pretty solid, I love the leads (Aidan Quinn is a good second to Rupert Graves as far as silver foxes go), and the addiction issues are intriguing. Watson had been hired on a limited basis as his sober companion, so I'll be interested to see how they manage to keep her with Sherlock.
I'd give it a go. It's not the gem that the BBC version is, but it's good enough.