I, too, have been enjoying Emily VanCamp's performances as Emily/Amanda. On the surface, she is rich, beautiful and smart but underneath all that is a tough cookie who is ruthless enough to know how to get even without getting mad.
I agree that Madeleine Stowe has been largely wasted as the one dimensionally evil, Victoria Grayson. Maybe she'll get a chance in later episodes to display more of her skill than she's been called on to do so far.
I am liking the nerdy Nolan Ross character better all the time. He is just as smart as Emily and, in his way, just as tough, and his weirdness has been interesting and fun.
Despite its soap opera aspects, Revenge is solid entertainment.