It would have been impossible to recreate that on screen in a series of 10 episodes, so I've been really impressed with the way they've adapted it. I would argue that they've made the characters more interesting onscreen than on the page (Cersei being one of the best examples). They've managed to knit together various plotlines that make the action flow better.
Of course, that also means that some characters are sacrificed (something we discussed earlier - Edric Storm, the Reeds, Weese, Aeron Greyjoy and some others don't feature at all) but it can be to the advantage of developing other characters (Tywin, Gendry, Osha, Joffrey, Melisandre) who didn't feature as often by merging them together.
It hasn't been faultless though - I don't think some of the casting is quite right (Stannis, Yara/Asha) and I'm sure it can be confusing if you haven't read the books (have you noticed they've put a hastily edited 'previously on GoT' before every episode?) but overall it's brilliant.
They're currently my favourite series of books, but I still prefer the programme because of the way they've adapted it so well - I think it makes cracking telly.
A lot of people at work watch it too and have read the books - some agree with Toon, others agree with me but it's all down to opinions I guess.