I concur fully with every aspect of your review though I came to my conclusion after just two episodes. My comparison for this is not so much Shakespeare but the Peak TV dramas: Farrell seems to be channeling Tony Soprano but he is infinitely more likable.
I know this is technically speaking the origin story of a villain but watching it I found myself feeling more empathy for Farrell's Oz than I did for Walter White or Marty Byrde. The one common link between Farrell's version and DeVito's is a desire for a respectability. i WELL remember DeVito's line to Christopher Walken after the two met: "We're both monsters but you, for some reason are a RESPECTABLE monster and I, as of yet, am not." I sense the same desire for respectability in Oz but given the life he's had he knows the best a man like him can hope for is to be the head of crime in Gotham. I also find it thrilling and fascinating because Oz doesn't know this is going to work out for him and he knows anything goes wrong how high the stakes are.
I also give full marks to Kristin Miloti who is a revelation as Sofia Falcone. Honestly some of the most suspenseful moments so far are when she's just starting at the people around her. Her face is iscrutable but we know when she finishes thinking, it ain't gonna be good.
This show will be on my top ten list for 2024 and I suspect both Farrell and Miloti to be top contenders for awards starting with the Golden Globes. And I know this is a one and done series, but this is the first comic book based thing I've seen on film or television (since Batman Begins honestly) that I really would like a sequel.