Yeah, I think for the most part it's not a big deal. I won't necessarily be thrilled by having a bye, but drafts have significant downtime no matter what you do, as often one match will take much longer than the rest, so I always have other things to do open in other tabs. Things come up, people get disconnections, and so on. And the guaranteed bump in winnings makes up for the inconvenience.
I've seen a few weak opponents making obvious misplays, and a fair number that seemed particularly sharp, but most of the time people have been somewhere in the middle, competent but not amazing. Subjectively, I haven't felt like the quality of competition is too far off of what I've seen in local store drafts in other games. But on the other hand, I'm at close to an 80% match win ratio since beta started, and that's a bit higher than I would normally expect based on my history. It's certainly possible that there are a lot of people who may like TCGs but not be experienced drafters, playing right now because of the free tickets.
But I've had decks that I was really happy with exit in the first round (my mono-Blood packed with Murders, Terrible Transfers, and a High Tomb Lord didn't have much to offer when the opponent went Gearsmith, Technical Genius, Droo's Walker, Droo's Walker). And today I felt kind of guilty for going 3-0 with a deck I was sure was doomed. I switched from Blood/Sapphire to mono-Wild at the very end of pack 1, took a half-dozen unplayable rares and legendaries, and had to scramble to barely make it to 40 playable cards by running 18 shards and crud like Shin'hare Militia.