This show started last Tuesday, so here's a short rundown of what you may have missed. There will be minor spoilers below.

The premise:
Emmett Cole, star of a long-running reality TV show about exploring wildlife and nature (tagline: "There's magic out there!" ) went missing in the amazon and has been declared dead a couple of months later. His wife Tess convinces their estranged son Lincoln and a crew to go searching for him anyway.
What we are seeing is their footage from the trip, filmed by their camera men and the observation cams on their boat. The footage has already been edited, though, as if we are watching a documentary about the events. We get subtitles when people speak Spanish or yell over a noisy background, we get archive footage from Cole's former trips and of course found footage from shortly before he went missing. That takes away both the advantages of found footage movies (only one camera angle, we don't know more than the protagonists, makes for a uncomfortable feeling), but also counters some of the disadvantages (it's only shaky when people run for their lives, the boat cams are steady). There is maybe a tad too much editing and switching of the angles, which makes it feel more like a regular show than I expected. I kinda wished they would have trusted to stick to one cam filming a conversation for five minutes, with all that entails. That would have made the whole situation seem a lot more desperate.

The characters:
After the two pilot episodes it's hard to tell how much deeper everyone will get, but so far the majority of the personnel is from the pile of character templates. The snarky producer, whose primary goal is to deliver a show, no matter the costs. The estranged son with daddy issues ("he was never there!" ). The cool weapon expert with a mysterious back story. The black camera man with the one-liners.
The acting is pretty good though, especially Bruce Greenwood is fantastic both in his old hosting material and the haunted, panicky found footage. So it's not entirely impossible that those people will actually grow on you and become much more-dimensional. Plus: The two young females are hot.

The plotting:
There is a lot happening, the characters are introduced real quick but then the show gets right to the point you watch it for. The two first episodes had two different mysteries, so even if the search for Cole will be the main story arc, it seems that the crew will have to deal with different scares of folklore every week as they make their way down the river. Whether the "monster of the week" approach is the right one remains to be seen. But at least things are interesting. Only a couple of longer family conversations take away some of the pace.

So, is it scary?
Not really. People getting thrown at the camera worked maybe once for the first Paranormal Activity, but now it's just lame. So far we also had a kind of smoke monster (this IS trying to be the next Lost, no doubt), old dirty dolls turning their heads and opening their eyes (yawn) and some exorcism-like obsession (feels old, given the current wave of found footage films concerning exorcisms). They better work on that.
One member of the crew kicked the bucket in the first episode. With only eight characters remaining on the boat the show can not afford to kill one all that often. The question is, if such a format can work for very long anyway. As a mini-series this could be great.

So, things may not be super scary, but they are disconcerting and interesting. After the final revelation of the second episode you do wonder what happens next. So, I am definitely on board for now.