Yes, the Terminator franchise is alive and well and on FOX Televsion. However, I realize it starts out in 1999 when few TV shows were broadcast letterboxed, but you'd think for a high profile action TV series in 2008, it would be broadcast in letterbox mode for those of us who don't have a high def TV. That's one way to encourage people to download the HD torrents or upgrade to a TV capable of receiving the HD signals. I think even the online preview they did on yahoo TV was in widescreen.
In any case, the pilot does deliver a lot of action for a TV series and will probably do well for FOX until they run out of episodes in eight weeks.
Just ignore the third Terminator movie, the Terminator 3D ride, books and any other things they've done since the 2nd movie, though.