Green Arrow has always been a more cynical but less capable Batman. It's basically even the same premise, rich dude runs around in tights being a bad ass.
I was kinda hoping it would start on and show more of his time on the island. I liked Year One quite a bit. But I suppose you do need to setup the city stuff to keep people in and not thinking it's Cast Away.
Actually, I can see why this might make for a better series than trying to do Batman or anything else. The character in the comics is far more grounded, more realistic, basically someone with an epic skill, than others. The special effects can be cheap.
I'm going to assume it'll be good and get cancelled on a cliffhanger like Reaper.
EDIT: I realized I didn't post my opinion on the first episode, I also liked it. I'm in, which is why I assume it'll be cancelled.