It's not fair to say they canceled King of the Hill with this. Fox canceled the King of the Hill to replace it with Seth MacFarlane's latest and most genius work to date, The Cleveland Show. Besides, King of the Hill had a long run and I think it was about time for it to go anyway.
Anyway, I missed the pilot so I'll probably download it later. From what I've seen from previews and heard about the pilot, I don't have high expectations but I hope it will improve. After all, KOTH and Beavis and Butthead were both excellent shows.