I saw the first episode today. I have to say that something about this show just doesn't sit right with me. It just seems so... contrived.
At least with Ghost Hunters, they deliver some kind of evidence up for debate and go into the situation looking at all possible causes. They leave it up to the viewer to chew on and decide for themselves. With Paranormal State you didn't get anything but, "Did you see that? I hear breathing." They said in the show that they caught some EVP including voices and breathing. Well, where is it? Let's hear it.
I don't want to come off like I disapprove of the way they conduct their investigations - I haven't seen enough to make that judgment. The motives, however, I have to question. Unless you're providing evidence to the field to gnaw on then all you have is another reality show for entertainment purposes.
On the other hand, maybe this is another case of producers intentionally editing for the scare-effect to increase ratings. It's possible the PS team is being more analytical and the show is being edited to their detriment. Not to say that the 'skeptics' way to do things is the right and only way - but it's the only way I can stand behind.
One thing that struck me as potentially harmful was the manner in which they seemed to go into the investigation without much intention of debunking anything. Just a few minutes into the show and before even starting the investigation, the founder, Ryan, says, "This place is haunted. The only question is who is it and where is it coming from." (or something to that effect anyway). But, again, this could be the editing.
I will keep watching (for a few more weeks at least) to see what comes of this.