This is very promising. Some initial pluses:
* Fred and Carrie certainly have a good dynamic, no matter what characters they play.
* It's not like Seattle's "Almost Live" where they have to force everything to be This City, This City, This City, with more local references than your stomach can take... this is a totally different thing. This could really be any bohemian town, or even a large city with a bohemian neighborhood. Portlandia is just a name here.
* This kinda reminds me of League Of Gentlemen a bit.. far less manic, quieter overall, but still has a gentle insanity.
* So far, the guest appearances have been great.
The only downside is that "Dream of the 90s" theme song. They're not going to play that every episode, are they?
Overall, thumbs up!