I subscribed to it on Hulu, and have been quite pleased with that choice. I'm really enjoying all of the actors,  the interpretations of various fairy tales and the general character interactions. Dr. Rush from Stargate Universe makes a fracking awesome Rumplestiltskin.

Another thing that makes it a great watch is something I didn't consciously register until my girlfriend pointed it out to me a few days ago: the three main characters (Emma, Snow, Evil Queen - not counting the kid because he's more a supporting character outside of his MacGuffinishness) are all female. There are guys in this show, sure...but the story is centered around these three - all strong female characters.

My GF and I figure it's the Queen's Huntsman though I used to hold a theory that he was the Big Bad Wolf

I had the exact same thought process. I was sure he was the Big Bad Wolf, then the Huntsman. Now I'm honestly just overthinking it to the point that I can't settle on anything.

I keep giggling at the take they went with for Little Red Riding Hood.

Well obviously by now we've solved that argument.  A great way to come back from the holiday cliffhanger too!  This episode did well on Rumple's backstory, almost making him a sympathetic villain.  I'd have appreciated a little more of a slow burn on the corruption, but still very well done.  My major thoughts are now... what's the favor going to be?