The plot’s a bit different, and obviously they’ve changed some of the minor characters around. But I finished Episode 2 today, and I have to say: they’ve gotten the mood, style, and tone right. It absolutely feels like the original comic. If you liked the original THE SANDMAN, this is a pretty good adaptation.
That being said, I don’t think that the show will be reproducing the convention, which is an absolute shame. It would also probably freak a lot of viewers the [expletive deleted] out, so I guess that they had to make that call. Or maybe I’m guessing wrong, and they will do it! I look forward to finding out.