Have been watching it since it began. Thus far I think only 6 episodes have been shown. There are at least 4 more to come.
I was a huge fan of the original series back in the '80s. In fact the missus picked up a DVD of "V" and "V: the final battle" from the publis library after seeing I was interested in the current-day series. I only got to watch the first disc (about 2/3 of the first V) before it had to go back, but it was interesting to see the similarities and differences with the original. The original series hasn't aged that well; it is very much rooted in the '80s.
Some aspects of the new V are a direct nod to the original. The alien lettering, the youth "friends of V" movement, the promise of medical benefits, etc. Some aspects of the original are ignored, or at least skirted over: the whole Nazi-Germany allegory of the original is missing. I was hoping that the young fella (Tyler) was going to knock up the cute female Visitor; that would have been a nice twist on the original, but they've gone for another female human / male V coupling. Haven't seen any hamster-eating yet either (thankyou JAS

)
Channel 9 has treated the series in its typical cavalier fashion. Put the first few episodes on at 8:30 to get people hooked, then start showing it at crap hours so they can make room for their new flagship show. The episode shown after the initial Underbelly started at 10:30 and was actually a bloody REPEAT and I didn't realise until about 20 minutes in - up yours channel 9.
My enthusiasm for the series is starting to cool. I'm kinda curious to see what happens but I don't think I'll be too bothered if I miss any episodes.