I've seen the first two episodes, and I like it.
What I love is that basically everybody except for Archie has been updated with the times, while remaining true to the spirit of the comic books. Archie is a lovable, yet naive, good-hearted goof.
In addition to the typical CW relationship drama, there's a murder mystery and a noir feel thrown into the mix. If you're into cheesey teen dramas, this one is definitely better than most and worth your time.
If you're into Archie, I think you'll be able to tell if this is for you after a couple episodes, and those that have enjoyed the recent further-reaching adaptations in the comic books will likely get a kick out of this.
If the only part of the Arrow-verse you enjoy is easter-egg references to comic books in between ass-kicking, this may not be your cup of tea.