I'm not so sure. The show is absolutely well written, and the cast is very good. HBO has a history of sticking with a series and letting it develop. Much more so than the regular broadcast networks over the past few years. I think that given how much time they've given some other series to develop, they're likely to renew The Newsroom for at least another season.
There are definitely aspects of the show that are mellowdramatic. The love stories being among them. However, being in "the business", I know that sort of thing does happen. And it seems to be directly related to the fact that a lot of people on the editorial side of a newscast live to work in those jobs. The hours are long and hard, and people with traditional jobs tend to not be understanding about that. As a result it's tough for a lot of people in the news business to maintain relationships with partners outside of the business. And the statistics have shown that the divorce and substance abuse rates for people in TV news are significantly higher in the industry. That's something that I think Sorkin has nailed.
I haven't seen this past sunday's episode yet. I attribute it to rough TV news hours. But HBO on demand and DVR's are a nice way of dealing with that.