I agree with the majority here. In *theory* episodic releases could be good, that is, if they adhered to the trumpeted benefits of a lower price point and greater regularity than the sequel turnover of a mainstream AAA series - but in almost every example I can think of, the episodic format has been a net zero at best, or a limiting flaw at worst.
I think I recall Wolf Among Us having a fairly brisk release schedule, and the pacing of the story and the subject matter really did lend itself to discrete episodes with a climax or cliffhanger at the end of each one. The period between episodes was a good chance to let the events sink in, discuss the story and choices with friends or on the Telltale Forums, and so on. Another not-bad example is the first Minecraft Story Mode season, which I believe was initially planned for a 5 story arc but ended up having three additional "victory lap" episodes released after - and don't get me wrong, they were fairly crummy, but in theory it's nice that the format allows the dev team to put out additional content to meet consumer demand, in a sort of digital equivalent of the performers coming back out on stage for an encore.
The downside? The delays adding time between episodes. The end of a planned story arc being put in limbo if the money runs out, or the studio is disbanded, or if the publisher decides they've had enough (that's not strictly just a symptom of episodic games - anybody else still waiting for XIII Part 2?)
Also, I think hindsight will show that the gaming industry was just warming up to the idea of episodic content at exactly the same time the TV industry was moving towards an on-demand, catch-up, box-set-binge model. The consumer just doesn't want to wait for content to be drip-fed when the gaps are one week between installments, let alone two months plus "LOL Valve time". It also must make hair-raisingly poor business sense: your team is going to have to put in X hours work regardless of whether the product is delivered in a complete package or episodic, but if it's split into say five parts, each of those gaps represents a drop-off in sales. Unless you convince people to buy the season pass, in which case what is the benefit to the end user?
I wouldn't say the format has had its day but the genre is in need of reinvention. Ideally it would be a project with almost all the assets in place at the outset, and the episodic format would be used to really deliver the USP of meaningful decisions and branching narratives. The idea that episodic gaming means paying up front to be drip-fed a linear game to no reliable schedule is an evolutionary dead end.