In my opinion it is.
True Blood was created by Alan Ball, who you may recall was the brains behind HBO's previous hit, Six Feet Under. Until this show began, I would easily say Six Feet Under held the mantle of being my favorite show to ever air on HBO, which is no small feat, considering the company the show kept.
Set in the fictional town of Bon Temps, Louisianna, True Blood centers around the characters of Sookie Stackhouse and her Vampire boyfriend, Bill Compton. Sookie, played by Anna Paquin (X-Men), is a waitress with a big secret... she's a Telepath. Season One so far has dealt with Sookie's budding relationship with Bill Compton (Stephen Moyer), a Vampire born again during the Civil War. Surrounded by an incredible supporting cast, Paquin and Moyer bring real-life relationship issues to the screen, but with a big supernatural twist.
I would go so far as to say True Blood is easily one of the best Sci-Fi shows on TV right now. It took the season to get in a couple of episodes before it REALLY picked up, but right from the bat you'll be hooked. I can tell you now, that if you're just starting to watch, it only gets better and better. It seems like each week something even crazier than the last happens, and every episode leaves you with a breathless cliffhanger.
I can't imagine this show ever airing on a channel other than HBO (or any of the other pay channels) simply because the raw, gritty, dirty feeling it gives you couldn't come across on any of those mediums. Part of the appeal from True Blood is in just how dirty it makes you feel.
The story... well... suffice to say the Vampire guy, Human girl thing has been done to death. However, True Blood is honestyly unlike anything you've ever seen or read before. It takes that basic plot, and then slams it against a tree, and then rips its heart out. The plot is completely original, thanks to Charlaine Harris, who wrote the series of books that inspired the show.
In True Blood, Japanese scientist's have invented synthetic blood, and vampires have progressed from legendary monsters to fellow citizens overnight. They call this the "Coming Out". Meanwhile humans have begun to consider themselves safe, some even marrying and loving Vampires, but many remain apprehensive about these creatures they only knew in nightmares as children. Religious leaders and government officials around the world have chosen their sides, which is usually shown via a TV news report, or magazine cover (Angelina Adopts Vampire Baby!) but in the small Louisiana town of Bon Temps, the jury is still out. Bon Temps is, simply put, as backwoods as it gets.
Like I mentioned before, the entire supporting cast is made up of lesser-known actors who could each probably carry a show themselves. You begin to care for these characters, and often find yourself wondering if you'd make the choice to become a Vampire, or stay loyal to your own humanity.
If you like Vampires, this is obviously a show for you... but if you're looking for a show that delivers non-stop intrigue, suspense, and entertainment... then you owe it to yourself to check out True Blood, and see what it's all about.