I like it. I don't mind the sex at all, and I love the gratuitous violence but I think they could skip some of the walking around naked scenes and sex scenes to add more story content, or at least create some sort of emotional involvement, because so far I don't think I really sympathize with any character, and the ones I kind of do sympathy with (Ned's wife, the bastard son, etc) I mostly sympathize out of pity, and judging from the general tone of the show I doubt there's anything good going their way.
I've never read the books by the way, but I'm a huge fantasy fan and have been waiting for a show like this for a long time. What I'm really waiting for is a bit of irony/dark humor just so I don't feel like killing myself or going to sulk in a corner after every episode. I've always liked high fantasy more than dark fantasy generally, I'm more in the Forgotten Realms kind of group, while GoT reminds me more of something like Dragon Age but even darker.
Overall pretty good so far, just getting ready to get some food and watch the new one.