It's okay. I think JOEYGREEN above hit on it - it was (as is the way of these things) relentlessly trailed and shoved in our faces with poster campaigns, which creates a kind of buzz of expectation, then you find out it's quite good, and that's it really. It's very predictable and the storylines are pretty unvarying so far - it looks like things are going all wrong but Betty saves the day and gets her editor out of trouble, while Wilhemina is thwarted. The most recent one strayed a little bit from this well-trodden path, but I still feel myself losing interest.
Yes, it's annoying that the US idea of "ugly" is usually someone quite cute with glasses and frumpy clothes shoved on them. They're terrified of having someone REALLY unattractive. I do like that sneery secretary/receptionist type, who in last night's was overeating - she's very sexy.
What's slightly irritating is the way the show so obviously goes for the quirky, 'sophisticated' feel adopted by so many programmes of the last 5 years or so, like S&TC and Desperate Housewives. Even the incidental music in Betty sounds like DH. These programmes are starting to become identikit. We need something different!