I watched both episodes on Hulu last night. Overall, I was impressed. I was thinking it would be more like Lost with the mysterious stuff, but thankfully, it's not. While there is an overarching supernatural/mystery theme to the series, I read somewhere that each episode will contain its own story. The first two episodes follow that patter.
There were a couple cheap scares, but a lot of good slowly-building tension. I've not seen any of the Paranormal Activity movies, but I'm a fan of a good scare. I found myself looking away from the screen a few times. The one thing I can see myself getting sick of is the continuous "found footage" look. It's one thing for a 90-minute movie, but for an entire TV series...I dunno.
The blonde girl is also extremely hot, which certainly doesn't hurt. I'll stick around for the rest of the season.