I have to say I enjoyed the series. I wish it hadn't been cancelled, and I feel a little let down by the whole viewing experience. It's akin to going to the cinema and watching a movie, only to be told at the 3/4 point, the rest of the movie does not exist. This seems to have occurred a lot recently to the point where it seems crazy to invest the time and effort in a show with a long story arc, unless you know that the show will reach a conclusion. For me the show changes the rules, now I plan to only watch series which I know have been completed. I think in the overall picture of things, it probably changes the rules too and I think there will be less shows with ambitious story arcs, and more shows taking the episodic view where a story is started and finished in 45minutes.
I do recommend The Event but be aware from the start you will be left feeling disappointed and possibly cheated. The show has a great premise and the start of the series with the flashback method of story telling was really good. It did take a little getting used to, but it worked for me and I enjoyed it. The fact that for most viewers it was too much effort says a lot about us. I think this show along with other good series like Dark Skies, Firefly etc. will go down as a cult show, with many viewers wishing there was more and it being recommended by word of mouth to those interested in SF and conspiracy type stories.