In this TV show, like in the comic, the Rod Serling-style host is The Watcher, who observes but never interferes.
The Watcher is voiced by actor Jeffrey Wright, who will also portray Commissioner Gordon in the upcoming Pattinson Batman movie.
Spoiler
instead of Steve Rogers, there is a ton of action. Most of it involves Peggy kicking the living shit out of hordes of Nazis and Hydras
while not being in danger in the least the entire time - there is essentially no peril in this movie, even to the extent that Peggy forcefully pushes against a monster with dozens of tentacles, yet never gets wrapped up in any of those tentacles.
Peggy's level of power also seems several times stronger than the normal Earth-656 Captain America - she can literally leap tall buildings, turn over 60-ton tanks with one hand, and leap from airplane to airplane in the middle of the sky. Has Captain America been shown in the comics or movies doing these feats which are really more akin to those of Superman? Maybe some? Correct me if I'm wrong about Peggy Carter being overpowered for the sake of the story.
The other thing about Peggy Carter is that she is essentially a man once she gets amped up by the super-soldier serum. Gone is the shapely and curvaceous Peggy Carter we've seen in the comics or even wearing a Captain America-styled uniform as recently as 2018.
Now (much like the recent She-Hulk, and sometimes like Carol Danvers, depending on the artist), Peggy is a woman's head attached to a barrel-chested man's body with bulked-up muscles. She still has the desires of a woman, of course, but she inexplicably falls for the still very skinny Steve Rogers even though there are much more manly members of the Howling Commandos, let alone obvious heartthrob Bucky Barnes.
Anyway, it's an action-packed story, and you'll be dazzled by the constantly fast-moving images and explosions, and in that way, the cartoon is a technical success. But it also accomplishes the same thing that Masters of the Universe: Revelation does (see a pattern in the media, folks?) which is to normalize the heroic status of women with a considerably masculine appearance and demeanor. Rather than taking almost any time to celebrate the strengths of femininity (and there are many, obviously) it annihilates that femininity in pursuit of a bulked-up, forceful, take-charge masculine ideal that everyone should strive for.
Don't think so? Watch as they shoehorn in a mention of Hedy Lamarr (who is nowhere in the episode) just to drive the point home.
Because Hedy Lamarr invented wi-fi, right? (No, she really didn't. The first wi-fi network wasn't set up until 1971).
Female bodies have received the super-serum before in Marvel Comics - notably the Nazi supervillainess Warrior Woman.
Her body was not changed from a woman's to a man's - she just became super-strong (and had an awesome black leather outfit, btw). But Peggy's body had her shoulders massively broadened into the "inverted triangle" of a man's body.
Feel free to disagree if you saw things differently when watching What If..? Episode 1. Just be civilized about it, please.
My personal prediction is that we're going to witness a lot of the same "subversion of expectations" in most of these What If? episodes.
How Warrior Woman and Black Cat looked after being dosed with the Super Soldier Serum.
How a feminine Peggy Carter on the Super Solider Serum would actually look. Once again, cosplayers do it better.