I have all of the Project Blue Book eps that have aired so far saved on my DVR. I just watched Operation Paperclip (ep 4) last night. So far, I've enjoyed the series. I read several reviews before I began watching. One of the big criticisms was that the show does not delve deeply into the technical and scientific aspects of UFO encounters and (as several people have pointed out here) things like military protocol may contain numerous inaccuracies. Avid ufologists and historians may find the plotline frustrating or unfulfilling.
The show really only talks about UFOs in a general way and focuses just as much on daily life in the early postwar years and the hysteria surrounding the newly introduced specter of possible atomic warfare. I like the fact that the show seems to be character-driven. As for the lesbian angle, so far I've only noticed a slight nuance that is open for interpretation.
As a fictional drama based loosely on historical facts, I think Project Blue Book is a winner.