The first episode, "Cloud Migration: Pitfalls and Strategies" identifies common pitfalls like underestimating the effort, skill gaps, and cost misunderstandings, while offering solutions like comprehensive planning, skill development, and financial management strategies. The episode emphasizes the importance of decomposing legacy applications into microservices and leveraging event-driven microservices with PaaS services. Finally, the host highlights the need for organizational changes, business model adjustments, and stakeholder engagement for a successful cloud transformation.