Keep watching it. The show doesn't really pick up until Season 3 IMO.
Oh I disagree with this - Breaking Bad "picks up" in the first 30 seconds of Season 1. It gets even more intense from there, but it's already awesome.
That said, Slate, I thought about that a lot while watching. What it comes down to (and more about this is slowly revealed) is that Walter is an jerk and a not-so-good person from the very start. He's powered by rage and pride and power-hunger, and he can't stand the idea of owing anybody else anything.