Batwoman is missing just one element to become a truly dynamic superhero: a compelling villain. She is herself a strong, compelling character with realistic motivations and voice, surrounded by a cast as interesting as she is. I especially love how she and Batman deal with each other. He recognizes her abilities, skills, and motivations and wants to work with her. Score. Except that she has her own agenda, and isn't willing to be his employee. I love her for this, even if I might not make the same choice myself.
The artwork is simply stunning. Just take a look at the cover. This isn't one of those books where the cover is the best art in the book by far. That's representative of all of the interior art. You'd be hard pressed to find a single ugly panel. Kate is, somewhat oddly, given chalk-white skin. I'm not exactly sure why, but it does make her stand out and give her an iconic look on her own. And it probably does make sense that somebody who rarely sees the sun and gets little sleep would be ghostly pale with dark circles around her eyes.
But she's still lacking a great villain. Sure, the story is good, but we're left without a truly compelling adversary for her. The Religion of Crime ongoing arc is ok, but it needs a great figurehead to oppose her. This is about the one thing that Batwoman needs to be a truly fantastic comic.