Everyone's pretty much right E. The first volume is a self contained story to see if a tale about fairy tale characters in modern day New York would be worth writing about. It isn't awesome. Had I just picked up volume 1 and not 2 and 3 with it, I probably wouldn't be reading Fables right now. But the series just keeps getting more intense and better and better.
Like I said, I will continue to check it out. It's just not super high on the priority list.