To me, it kind of feels like the epitome of the stereotypical post-Gaiman “Vertigo” series in most regards.

Nah - that's Testament.

Personally I love Fables - and Mark Buckingham is indeed excellent on it.

I believe the artwork is often overlooked. Buckingham has been perfect, and the fill-in artists have never dropped the ball. Unlimited potential for the future of this series. Pure comic book fun(12 months per year)!!
James Jean covers are always a treat.
Willingham balances so many characters so smoothly. It's like Astro City without the tights.

The whole crew that puts this series together should be proud of Fables.

I joined this series during the 7th trade (Arabian Nights and Days) and just thought it was such an amazing concept. Bought the first 6 trades and then started reading it monthly.

As for the first two trades: The first arc is good, and a necessity because it sets up the series. The second arc is better, but doesn't really focus on the quaint little community they've set up in New York so it doesn't give you an accurate look at what makes the series so enjoyable. I think this series is best received by picking up the first three trades all at once. That should be enough to get you hooked and invested enough in it to care about the intense stuff that goes on in the 4th trade, the heartbreak of the 5th trade, and then the total awesomeness that is the 6th trade, etc. etc.

Can't wait to see the direction this series takes after 75, which promises to change the course of the course of the story.

Is it a slow burner or was the hype there from the outset?

I think Fables, my all-time favorite Vertigo series, has been brilliant, from the beginning until right now. By all means, it should be awful. Like someone mentioned, it's a stereotypical Vertigo premise. But instead of relying on the gimmick, Willingham has developed the characters into unique personalities and, more importantly, given them things to do beyond being "Fairytale characters in the modern world".

More than any comic book I've ever read, the status quo is always changing. I don't think a single character is in the same position now they were at the start, and it doesn't feel at all forced. It's a fascinating world to visit each month.

Also, I love that Willingham using the freedom of Vertigo to be shocking or graphic or obscene when he needs to, but doesn't rely on that. Months at a time go by when the book would be appropriate to give to an eight-year-old. It makes it seem more real, somehow. People aren't filthy and "adult" all the time. No one is.

I wouldn't say it's a bad series by any stretch of the imagination, but I can't say I find it particularly captivating either. To me, it kind of feels like the epitome of the stereotypical post-Gaiman "Vertigo" series in most regards.

It's also amazing how hard it's got to be for someone to pick it up now and be able to read it. Maybe that's why I like it so much. There's so much going on.

You know what it really reminds me of, actually?

Claremont's Uncanny.

A massive cast. Subplots up the wahoo. Sometimes they even get paid off.