From the looks of the first episode, one thing it's definitely not is low budget. It's well-crafted and probably very expensive. The sex is perfunctory and the violence is lovingly detailed at great length. There are no real surprises, good or bad, in how they've handled things.
Personally I probably would've preferred low-budget and camp, but I imagine it will succeed in achieving the goals that its producers had in mind. I will probably watch some more.