Well, they can't possibly mess it up more that they did when they were doing it as a weekly series before... (just compare the writing credits from the "V" TV series to those of the "Dukes of Hazzard" and you'll get what I'm saying here...) The original mini-series were pretty good as allagory... as science fiction, they were pretty off the mark.
I mean honestly... they're here to steal our water? Hydrogen and Oxygen are some of the most common elements in the universe. Combining them should be childs play for a civilization that can get their city-sized spaceships to cross interstellar distances and hover over ours.
Or they're here to eat us? (Alien /human biochemistry would probably make us poisonous.)
Who knows? If they fix the stupidities, and really push the "Nazi fascist/Bush Administration" takeover comparisons, it might be a good show.
Number Two: Conform, Number Six! Conform!
Number Six: I will not be stamped, filed, indexed, briefed, debriefed, or numbered! I am a person.