I just finished downloading it and watched the first episode. The depiction of the host club as a group of snobby spoiled kids with too much free time and too much money is perfect. I loved the instant coffee scene. The stir that Suou Tamaki created by bravely deciding to drink commoner instant coffee was hilarious.
One thing that I notice is that Tamaki comes across as something of an idiot. He was the last person to realize Haruhi's true nature. Yet at the same time he was able to discern the truth about Princess Ayanokoji's jealousy and bullying of Haruhi.
At least from the first episode I can say I'm pretty impressed with this show. Almost as much as the other high school anime with a female lead character named Haruhi.