So I only watched Episode 01; I wasn't impressed at all, I am debating whether to watch episode 02.
I don't at all mind writers/authors developing new directions/concepts based on an existing franchise base. I really enjoyed Aliens: Phalanx, even thought it had massive flaws, but the world building was engaging and the pace was good.
That being said E01 comes off as a somewhat generic, "made for streaming" series adaption of the Alien world. Alien: Romulus on the other hand combined "modern sensibilities" with the classical retro-futuristic canon of the alien universe.
Perhaps it's too early to judge, but I feel there is going to be a large YA-focus to this series (kids in adult bodies). Aliens: Phalanx was also very heavy on YA tropes, but IMO it had other things going for it to compensate.
I didn't feel any tension or dread in the first episode. Some stuff was happening I didn't feel like caring.
I will probably watch E02 to see if it gets better, but I am not getting my hopes up.
EDIT: E01 is 7.8 on and E02 is 8.0 on IMDB; no wonder I always got the feeling that series rating are always heavily inflated.
Pretty solid start. Felt like the original movie in tone and there was just the right amount of the xenomorph in each episode. That eye thing is fucking awesome.