I'll admit that I'm much more excited about "American Horror Stories" than "American Horror Story". I pretty much support any horror on t.v. but every single season of American Horror story had me saying "get on with it" instead of the edge-of-the-seat-wait-until-next-week kind of thing they were hoping for.
American Horror Stories is an anthology series (think Twilight Zone but horror). I think this shorter form format should put pressure on the storytellers to bring us a clean, concise story. That's not to say that there won't be callbacks across episodes, or even with the regular series (the first episode has a "rubber-woman" like the "rubber-man" of the first season).
Now, let's get to the grits we're trying to fry here; the preview features Danny Trejo as what appears to be a murderous Santa Claus. I would personally watch nine hours of crap to get to the tenth hour if that's what it takes.
The preview also shows some witchcraft and other oogie-boogies that seem to be pretty promising. Have a look.