Wednesday turned out to be exactly as I predicted with considerably less enriching world-building than Harry Potter, and a lot more "CW fanfic" level-writing than I would have liked.
Jenna Ortega is flawless as Wednesday, and her relationship with "rainbows and unicorns" werewolf roomie Enid is ripe for developing. The setting of an "outcast" school of monsters down the road from a conservative Vermont town with a "Pilgrim theme-park" based economy narrowly walks the line of absurdist and amusing, but is compelling enough to warrant exploring. (Explained why it was released during Thanksgiving instead of the seemingly obvious Halloween. This is a now-pantented Wednesday take-down of colonialism and Thanksgiving white-washing.)
But not enough attention is paid to establishing that setting. Instead, the plot devolves into a Nickelodeon "Are You Afraid of the Dark" murder mystery, while Wednesday juggles the inexplicable affections and advances of a number of nerdy-hunk pasty boys.
If there is a season 2, I'll probably watch because of Ortega's stellar performance, Wednesday's relationship with Enid, and hope for more development of Nevermore Academy, its students and staff, and relationship to Jericho. But if it becomes another CW dramedy teenybopper romance with a Nancy Drew mystery, I won't be happy about it.