Perhaps all the hype spoiled it for me or my expectations going in were just too high; not sure. I thought the writing was very erratic and the characters are either bipolar, or the author didn't really know them before sitting down to write their story (I suspect the latter). If I take it at face value, it was a relatively entertaining and easy read. I will probably read the next two books in the trilogy, just to see what happens and hope that perhaps the character development gets better, but my expectations aren't very high. For all the talk about this book, ultimately I was kind of disappointed.
For those that would judge me too harshly for my lowly 2 stars (because, let's face it, people are super passionate on both ends of the love-hate spectrum about this book), it's not the erotic or BDSM nature of the book that spoiled it for me (although I'd say I'm pretty ambivalent about that as well); it's the writing and the characters that completely frustrated me.
If nothing else, I am absolutely CERTAIN (SHOUTY capitals!) that this will lead to an interesting and memorable discussion at Book Club Girls Weekend in June. That totally makes it worthwhile.