Thus far, the show is pretty good, albeit a few issues. First, using the Lost-style out of order flash backs to tell the character history at times gets a bit tiresome as does the "real world" soap drama.
The concept of the show can work as long as we actually get some development. If the show, say, goes possibly five or more seasons, I'd rather the characters not still be stuck in the "real world" with no memory of who they are for five seasons.
Since the show has a full season order, they could tell the story of the curse where everyone is stuck on Earth and then, maybe for a season two, the curse is reversed and Emma gets stuck in the fairy tale world or something like that. Just my opinion.