It is tough on the eyes, but it's a great game. I have a Pro and I think its harder on the eyes than the Prem / LE... maybe because the Prem/LE light show is more smooth and the Prem/ LE has better lighting in the game.
Winter is Coming makes me turn my head and just hold the ball sometimes so I don't have a stroke . There are settings to decrease the brightness (as said above), but it's the intense flashing that bothers me the most. I should probably just play with those more, but it's the only game I have had to mess with that on. There is one to decrease intense lighting effects as well or something, but I guess everyone has a different definition of what that would mean - as I wish it did more. When there was an LE on location around here it never bothered me as much as the Pro at home honestly.
Like said above - play in a well lit room and you'll be fine. The new code is awesome and makes an already great game even better.