Wow... I really liked the first episode. I'm not sure if it helps my credibility any with my arty friends, but I'm a big fan of war films and miniseries, and Generation Kill definitely has potential to be pretty great. The reporter/unit dynamic as well its frankness and ambiguity about the war remind me a little of my favorite WWII movie Das Boot.
One thing that worries me though is that I could see this series getting a little heavy handed with the exploration of society etc. and 2003 pop culture references... though I could give that a pass being that this era in history would be nothing without our pop culture references. but it definitely has more than its share of subtle and devastating moments.
In short, I think this is going to be no less than 'The Wire' and 'Band of Brothers' wrapped in awesomeness.