I've read this short story/novella several times and it's always been enthralling. Pacing, characters, setting, everything. Just something that George RR Martin penned decades before Game of Thrones. The TV episode of Outer Limits that is supposedly based on 'Sandkings' is really a sad treatment of a great story. To be honest I haven't seen the episode in years but I can still remember the excitement and anticipation I had waiting for the episode to first air and then the complete disappointment when I actually viewed it and thought to myself "What the heck was that?" The despair and loneliness, the utter horror, the creepiness, the style, basically everything that made the story great was missing from the TV episode. All I can say is, do yourself a favor and read the story before (or instead of) viewing the TV episode. You won't be disappointed.
Also, the story itself is not very long (maybe 35 - 40 pages?) and should be available free online. Check it out.