Hit or miss. Heck, I'd give it a 3.5 if I could. Some of the episodes are decent but half the time I'm wondering who wrote the dialogue. I've enjoyed two sentence horror stories (not the series, but the concept it's based off of) before and I'm willing to sit through some tongue-in-cheek cheesiness (cheese varies) for it. If you can't, this series is probably not for you.
Spoilers.
I'll choose exclusively from S3, seeing as it is the newest season and they had the time to improve.
Teeth (Episode 5) is a bit of a 'yikes' episode for me. Werewolves and vampires, with the couple going through a major revelation and then making up in literal seconds... then ending with a Twilight-esque quote for the two sentence horror story? Yeesh.
The Killer Inside (Episode 6) starts off promising, until the MC of the episode does two horror movie tropes in rapid succession- stepping on glass and then having her phone immediately ring, then running to the door only to turn around and find the man behind her. Still a pretty solid episode- for the series. Very predictable.
It's a challenge to fit a compelling story in 20 minutes. However, they could just have done less instead of trying to fit too much exposition into dialogue, which sometimes ruins the immersion.
Overall? A bit hammy, a bit cheesy. I can eat a ham and cheese sandwich occasionally. I'll even enjoy it sometimes. But I wouldn't go out of my way for it.