Finished it just now. It was overall pretty great, and while the military conspiracy wouldn't be the first thing I'd jump to when making a Punisher show, it worked fairly well. And it gave us episode seven, which was more or less a Metal Gear Solid level in live action... plus the first appearance of Altair's hidden blade lol. Frank and Micro's rapport was great, and the villains were solid. They took two characters who weren't much in the comics and made them more memorable.
Spoiler
This might be my favorite version of Billy Russo/Jigsaw. In the comics he's the biggest, whiniest bitch ever, who has the reputation as Frank's Joker without really earning it. Here, there's a lot more to his character, and his love/hate relationship with Frank helps immensely.
Hopefully the Gnuccis are back in force in Season 2.
Flaws: I think episodes 2-4 could have moved along a lot faster, streamlining Frank teaming up with Micro, and the subplot with the latter's family reduced somewhat. That would have helped get to the action a lot faster, too.