It certainly seems like an interesting concept: re-tell the basic story of V from the perspective of the East Coast. Unfotunately the implementation leaves quite a bit to be desired.
First, the book takes a while to get started, as a whole new cast of characters has to be introduced. And none of them really have the appeal of the original characters. There's no strong leading pair like Mike and Julie. Instead we have Peter Forsythe (an alcoholic aging baseball player) and Lauren Stewart (a naive, holier-than-thou UN flunkie). Both of the leads are boring and unheroic - Forsythe's big moment is when he lectures some gang-bangers about drunk driving; Stewart just acts haughty and superior, measuring men against her UN boss (the old white-haired guy from the original show who first met the Visitors, and who hilariously waxes philosophic about the innate rationality and superior temperament of the Swedish, using their 'impartiality' during WWII as a moral soapbox - this was clearly written before we found out they were getting rich by helping the Nazis). The authors overall reverence for the UN is itself risible - it's such a laughably inept organization - and the fact that a UN functionary is a 'hero' of this story should give you an idea of how gripping and tense it is. See them file a grievance! Motions will be passed!
The incidental characters don't help much. Overall, it's a weak and inert cast. There's none of the dynamism of characters like Donovan (hotshot pilot, cameraman); Ham Tyler (Michael Ironside - 'nuff said); Julie (reluctant leader, brains of the operation); there isn't even a good human villain like Daniel Bernstein. The new characters are just forgettable and lifeless.
It doesn't help that the story follows the same basic beats as the original. Many subplots are repeated verbatim with the new, boring characters: doctor discovers something, disappears; they catch the Visitors venting the 'critical chemical'; Visitors plant evidence in a doctor's office (which Forsythe magically finds); et cetera. Repeating the old story with some minor twists and the less compelling characters makes the book rather tedious.
Even Crispin's writing isn't up to its usual level - although to be fair, I don't know how much to blame her as a co-author. But in all the series novels she co-authors the same bizarre writing quirks occur with irritating consistency. Everyone 'runs their hand through their hair' when they are tense or frustrated. Lots of 'clouds gathering in eyes' and 'holding eyes with eyes', etc. It's not a big deal, just kind of funny.
And there are some annoying inconsistencies and plot contrivances. At one point a character in the book recalls Michael Donovan, and he is described as 'short'. Um, Beastmaster is 6'2". Everyone who saw the original series knows he towered over dwarfy Faye Dunaway. They also try to switch it up a bit by having a converted guy change from being a lefty to a righty; but that just doesn't make sense - I always imagined the conversion caused a switch that made the left brain dominant, not just a generic hand switch. In fact, this is confirmed in 'Death Tide' when Diana states that her new conversion process doesn't cause the 'left-hand dominance that was such a giveaway'. Yes, I'm a geek.
Overall a very weak entry in the V canon.