Since I didn't see anything like it on the boards already, I figured I'd go through each episode of the original series and comment on them. Comments welcome and encouraged...but on with the first episode..
The Basics: A space being collides with a plane while pursuing a monster. To save the pilot's life, he infuses him with some of his life force.
The Story: Not a whole lot to add here. It's a pretty basic plot...and beyond the origin...nothing of note really goes on. Bemular barely even leaves the lake. A bit boring for a first episode IMO.
The kaiju: Bemular is a pretty lame monster, with a skinny body and flabby useless arms. One finds it hard to believe this monster could pose any credible threat to Ultraman. The battle between the two pretty much confirms this..as it's fairly tame. In defense, this monster was already on its way to the extra dimensional graveyard in space...so that might explain its apparent weakness. Still...not the best of the Ultra kaiju by any means.
The FX: Mostly good. The Bemular costume is weak, but Ultraman looks fine. The lake looks real even though we know it's on a stage. The two energy balls chasing each other at the start was pretty weak...as is a horrible shot of the sub being tugged from Bemular's mouth on a totally obvious string(you can't see it per se, but the tugging motion blows the shot). The miniatures are otherwise fine...and the optical animation for Bemular's ray and Ultraman's Spectrum Ray(Specium beam, whatever) is up to Toho standards.
The Acting: Pretty good. Not much to note, but you can tell the cast was experienced....and they all play their obvious niche roles to the hilt.
The Other Stuff: The Science Patrol seems too skeptical of the campers' story given that they basically exist to investigate unusual things just like this. When Hayata asks what will happen when he uses the Beta capsule, Ultraman just laughs...kinda ominously to be honest. That was kind of weird. The extradimensional "graveyard in space"(I always thought of it kind of like the Astral Plane) is mentioned in the first episode...which I don't think is done in the Americanized verion...where Bemular is described as a criminal monster or some such thing. Hoshino is set up to be the Wesley Crusher of the series(i.e. annoying as hell).