Two episodes in and it's... good, not great. The characters are finding their grooves, with moments of real chemistry and other moments where you can see the actors acting. The big question relates to the younger cast, who waver between carving out a unique persona and riffing on John Mahoney and David Hyde Pierce. It's obvious they haven't nailed their characters yet, so we're forced to get to know them, sometimes awkwardly. Introducing new characters is a tricky stage every show goes through, but it's especially tough for an entirely dialogue-driven show like Frasier. There's nowhere for the acting and writing to hide. They were right up front in the original series, which had some of the best writing on TV and an amazing cast. It's a tough act (literally) to follow for the reboot, but I'll try not to judge until the actors finish introducing themselves and the show relaxes a bit.
If there was any doubt, Kelsey Grammer is a fantastic lead. His delivery and body language are perfection, and he toggles between pompous and earnest with total authenticity. He carries every scene and every actor in it. So far, the few scenes he's not in are weak. It remains to be seen if the rest of the cast can generate interest on their own, or if Frasier.2 is kept alive only through Grammer's charisma.