Like many in this thread, I read the books many years ago, and remember only sketchy details.
As for the show… it’s hard to articulate why, but I definitely feel like it’s much less than the sum of its parts.
Just about every individual element of it is excellent: the acting, the production design, the effects, the dialog, etc.
But overall, it just feels like a weird conglomeration of things stuck together for no real reason, which is a feeling I don’t remember getting while reading the book.
So far we have:
-Daemons, which are this super-fundamental part of the entire society… except that we rarely see them, rarely mention them, and don’t get a good idea at all of what they’re really like. Is talking to your daemon talking to yourself? Or your conscience? Can your daemon learn a joke you’ve never heard before and tell it to you? Can daemons be injured? When you’re getting onto a train do you have to make sure to hold the door a little extra so your daemon can get on too? What would happen if you didn’t?
-The alethiometer, which was manufactured by humans at some point, but only six were made? Can they not make more? This doesn’t generally seem to be a “we have lost all the technology of the great ages past” type of world. And Lyra seems awfully casual about revealing its existence to people she doesn’t fully trust. Even for people who can’t use them, aren’t they just insanely valuable?
-In addition, there are the following story elements that don’t necessarily really want to coexist in the same tale: “dust”, the church, the college she grew up in and its fight against censorship, her father, her mother, travel between worlds, the kidnapping plot, magical steampunk tracking bugs, and mystery of how her mother can be so far from her daemon, witches, armored bears, Lin Manuel Miranda’s character and his backstory, gyptians and their culture, the kidnappers and their motivations, and the OCD mother in our world.
It’s just too big and sprawling for any one part to grab our attention. Season 4 of Game of Thrones could have 6 or 7 storylines going on all over the world with different groups of characters. Season 1 couldn’t have.
And I just don’t think they have the tone really right. There’s so much inherent near-silliness in the world and all the goofy words the actors are saying, and they clearly want it to be absolutely grave and heart-rending and they want us to take it all super seriously… and it just doesn’t quite get there for me.