It's so great to see a horror series on TV that isn't about monster hunting, like Buffy or The X-Files, and isn't an anthology program, like Tales from the Darkside or Masters of Horror. As fun as those kinds of shows are, this is a welcome change of pace.
I'm not going to risk ruining the surprises for anyone (and there are many surprises) by talking too much about the storyline, but suffice it to say a family moves into precisely the wrong house. It's creepy as hell, doesn't rely on jump scares, and has just the right ratio of explicit to subtle. In other words, it's horror done right. The cast is fantastic, especially Connie Britton, who really brings her A game, though Jessica Lange and Frances Conroy certainly give her a run for the money. The writing and direction are wonderfully effective. The 1978 prologue with the twin boys was particularly fantastic.
I haven't felt this excited about a spookshow since Twin Peaks and Millennium. There's a lot of their DNA to be found in American Horror Story, but it's also very much its own creature. In terms of being an ongoing series, I don't know how long this story can last, especially since horror stories like this need to build to a climax, but you can bet I'll be there every episode along the way to find out.