Yes, I also watched it as a child. It probably gave me bad dreams, along with the 1953 film, Invaders from Mars, but is definitely among the TV shows responsible for my love of science fiction today.
I'm not sure I ever saw this second season. It doesn't ring any bells with me at all. I certainly never saw the 1995 series.
I remember the narration at the start though:
Also interesting, that series creator Larry Cohen said that his inspiration for this series was Invaders from Mars (1953) and Invasion of the Body Snatchers (1956), his two favourite films when he was a kid. I could already see the Invaders from Mars connections, but I see the Invasion of the Body Snatchers too now.
I don't remember much of the plot. I remember some invaders didn't quite get human characteristics right, that they captured him and held him in some kind of transparent tube, and that there was an episode where Gene Hackman was bringing baby alien spores in a suitcase.