I played through this a couple of days ago, and it's great to finally be back in Stark.
I'll get the bad points out of the way first though. The first is that you can tell the game wasn't intended to be released episodically in this iteration. It's paced like the start of a long story rather than an episode in a series, and just kind of ends without really resolving anything. This won't be a problem once all the episodes are out and you can play at your own pace, but it's a bit weird in the meantime.
The second issue is that it really doesn't do much to refresh your memory. It's been a long time since Dreamfall came out, and I've forgotten most of it beyond remembering that I really enjoyed it. The episode does refresh some of the broad strokes a little way in, but it also brings in old characters that you're kind of just expected to know. A couple of times I felt a bit uncomfortable making choices when I was so less informed than the character I was playing. On the other hand it's convinced me to start a new playthrough of TLJ and Dreamfall before the next episode comes out, which can't be a bad thing.
Finally it runs like a dog, despite not doing anything apparently technically demanding. It looks fantastic thanks to some superb art direction mind, but there's one location in particular that caused some pretty big framerate drops for me, and my PC is no slouch. Apparently lowering the graphics settings doesn't really help either. This isn't a huge issue seeing as it's not an action game though, but it's a little irritating.
But! It's a great start nontheless. Red Thread have mixed in a touch of Telltale's format into their own to great effect, ending up with a slower, more thoughtful implementation of their decision making stuff. So far there's no point where your pressed for an immediate response, and every option comes with a detailed internal monologue explaining the character's thoughts behind it. That means you're never in a situation where you do something you didn't mean because you misinterpreted a response. The decisions all feel significant too, often in the way they shape your character more than the grand story, which is rather interesting.
The music is excellent too, and I'm looking forward to hearing more. I'll be buying the soundtrack for sure.