Couldn't agree with this more. First few seasons they find their footing, but when they do they have some of the most incredible story lines and pay offs. It has become my favorite.
If you're really struggling you can probably watch the episodes rated 7.0+ on IMDb in seasons 1 and 2 and still get a lot of what's happening in season 3 and later, but you'll definitely miss some backstory. Deep space nine being stationary generally did a good job with continuing characters and stories over time imo.