In short,
Mediocre show, really bad sequel.
In depth,
Fine show but feels the same as most highschool or college drama but with gore, darker and forced upon the boys universe. If you rename compound v and remove some of the appearances by The boys characters, this won't even feel from the same universe. Plot is mediocre but as I said, the feels of the normal teen drama is here and does not fit the settings of The boys universe which actually tries to be different and satire of the other movies, tv shows and the real world. Overall, it would have been better if this was created seperate from the boys universe as they could have done it easily without changing much, it feels forced on The boys series.
Acting was alright by some and great by a few actors. I won't compare them to the actors of The boys as it is unfair to compare newer actors with completely seasoned actors. Though, I do think Ryan in the boys had better acting than some actors here.
And the poking fun of gen z in this show is nothing new. It is more obvious here what are the writers intention than in other show where a lot of the times they try to incorporate it in the storyline while showing how weird gen z can be. Ofcourse, this also is due to the fact that this show is more about supes while the others are more about realistic settings. Though one thing it gets quite right is that how gen z will be like with super powers.
Overall, the show is mediocre but it is not worthy of being a sequel to the boys. Considering how great and different The boys was from the start till season three, Gen V fails in comparisons and feels kind of an odd one out among the original adaptation and Diabolical. Sometimes it feels like Marvel mess ready to happen (kind of, if they don't handle it right). If you like the usual highschool/college romantic shows with super heroes, and are fine with a darker setting, you will love this. As I see some people here who didn't like the boys much but loved this. For me, it was fine show, dumb sequel and I hope existence of this show in the boys universe is just a bad dream. But if you liked the comics or the show or both, you may not enjoy this show and the most important thing you can take away from this show so far is, Spoiler Alert: Vought is making a virus that only effects supes and some other things (read the plot for those). You can just watch an explanation video before The boys season 4 and skip watching this show entirely.