If Larry David had never been co-creator of Seinfeld, this sitcom would be considered the work of a pretty good, though not great, amateur. The improvised acting is frustratingly slow if you're used to professional TV but not bad if it were somebody's video blog.
We watched the first couple of episodes from Season 1 on DVD last night, including a funny one about their visit to a dinner party only to be kicked out by the hostess after Larry knocks over a lamp. The comedy seems vaguely Seinfeld-esque, with everyone at slightly increased levels of insanity the further removed they are from Larry. There are several interesting characters, but the show doesn't quite get the level of development you see in Kramer or Elaine -- everyone's too busy improvising, often ending in a too-amateurish feel.
I'm a very picky TV viewer, so don't look to me for recommendations. I'm glad I saw the show, but it doesn't meet my standard for something I'd record and watch again. Maybe if they hired a crew of professional writers and actors and had it expensively produced and marketed, but I'd rather spend the time catching up on all the excellent old Frasier or Seinfeld reruns I still haven't seen.