You know, I didn't think the first episode was that bad. Nothing amazing, or majorly good even, just average for a show starter. It was the same for Spartacus: Blood and Sand, the first episode had some very dull and somewhat slow moments, but as the show progressed it got tons better. It's quite possibly my fave show that currently airs.
Back onto Magic City, I'm liking all of the cast but Danny Huston as Ben Diamond. I don't know if its the character I dislike or the actor, but his presence on screen just irritates me. The story could easily shape up into something nice, even though it didn't really progress much in this beginning episode. Visually, this show looks stellar. Watching it in HD looked amazing, and it really gave off an authentic 1950's look in my opinion.
I'll probably give the show a chance, watch a few more episodes maybe like I did with Spartacus, and I'm so glad I did for that show. It could be the same thing for this, just give them time to get the ball rolling.