Tbh I think the show has considerable promise, but the amount of gratuitous sex etc. is a problem. Not necessarily a problem inherent to the show -it has seemed like HBO have set a threshold for blood and tits that must be met or exceeded since before even Deadwood - but it's a problem nonetheless. They've gotten so infatuated with their status as the 'edgy' network that they feel every show has to be like this, and it's affected the quality of the programs to an extent (for example, who honestly thought Hung, a painfully unfunny dramedy about a guy with a massive dick, was a good idea?), although their output is still largely good.
Also, True Blood is balls.