The first episode is certainly not representative of the whole show. It gets better but it takes awhile to get there, and it really only does by the last five episodes of the season.
I wouldn't say it's an awesome show and I wouldn't say it's a bad show. At this point it's entirely serviceable. The Cortical Psychic Patch flashback gimmick is an interesting idea, but as the show goes on it becomes clear that the story should have just started on Cybertron and worked it's way to the present instead of showing things via flashback.
I think it's telling that the last few episodes of Season 1 completely ditch the formula and focus on serialized story telling. If they just focus on telling a story from Season 2 onward and stop with the flashback stuff then it'll improve vastly, and we might even have a new G1 on our hands with how things end in S1, but time will tell.
And even then, there is the occasional awkward voice acting and bad action sequences. It certainly gets better as the season goes on, but the action in some of the earlier episodes is eeeehhhhhh.