I enjoyed it and will watch. FWIW, I liked it more than Camelot - less than I am certain I will enjoy Game of Thrones most (but I'm a GRRM fan, so whaddya expect?).
I have been extremely impressed with the look of the show. While the camera is not bouncing around all over the place, it certainly is showing off Renaissance Rome brilliantly.
As for the whole Borgias vs. Camelot vs. Game of Thrones? Three quasi-historical costume dramas is an embarassment of riches and I plan to make the most of it and watch all three regularly!
There is essentially nothing that I was currently watching anyway, apart from True Blood (which remains on hiatus until late June/early July).
So these three shows are a breath of fresh air to me!