While this show is very good I am only giving it 3 stars because it HUGELY missed the mark when it came to a vital part of the story from the books (the source material) and that is the importance of the daemons.
For anyone who read the books the human's bond with their daemons is strong and the love between them is of utmost importance to the story. However, in this story the daemons almost barely feature, almost being passed over for the story of the humans alone.
A perfect example of this is when Lyra is released from almost having her daemon cut away. Upon exiting the "cage" Lyra doesn't even turn to LOOK at her daemon, but has eyes only for her mother. This was SUCH a powerful moment in the books and served to highlight the absolute horror of what they were doing at Bolvanger. Their brushing over it (and really the whole human-daemon relationship) caused the daemons to almost feel like a background fact instead of a key component of the world. Why are we supposed to care about the daemons in the show if the show makes them seem unimportant?
Other than that the show is good. I don't agree with some of the casting (Mrs. Coulter specifically should have been far more beautiful based on her important description in the book) but the acting was good and they stayed true to the plot.