Loved it! Very well done.
And it looks like they're completely recreating the Batman mythos on-screen. I wasn't sure if they would try to make them fit with the other Batmans (at least Burton's), but they've completely divorced themselves. And while they did alter a lot of Batman's back-story from the comics, it worked and I didn't mind.
I couldn't help but compare it to the Batman: Year One graphic novel by Frank Miller as I watched, and while that's still my favorite Batman story and characterization, Batman Begins stands solidly on its own two feet. (I would have liked to have seen Gordon as the bad ace he was in Year One, instead of the rattled and nervous Gordon of Begins. Oldman does a fine job with him, but his character didn't seem very strong. I'm sure he'll get stronger as the movies progress.)
Nolan gave a very good treatment of the villains. I can't wait to see what he does with The Joker. It will be interesting to see other reinterpretations as well, though I imagine he'll stay away from the more fanciful ones like the Penguin and Mr. Freeze. Villains more psychological in nature, like The Joker and Two-Face, will work well in this new universe.