Turned out OK in the end. Went away, did something else for an hour and came back to find it had buffered, and I watched it with great pleasure. It was great story, and a nice start to the series. Widescreen is nice, Ed and Al are great, and Ice Alchemist was an interesting foe. Also, surprised to see that they didn't bother with too much foreshadowing and gave many of the story's secrets away early. Expect they think the audience has already read the manga, seen the first series.
Downsides, not too sold on the themes, I got used to the rock of Series 1. They overdid the chibi gags, and the SD was a little too comical. Don't like new Roy Mustang. Prefer the original VA.
Apparently it got worse afterwards, with people waiting over 2 hours for the show to buffer. And Funimation upgraded their servers this week...