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.
It will be interesting to see if there is information at all about the ecosystem(s) involved. I have a feeling this part will be superficial at best, but let's see how things play out.