I've finally taken the plunge and started watching the CW's Arrow. The show is currently in it's second season on broadcast TV and has been renewed for a 3rd. It's based on the DC Comics "Green Arrow" property.
The fun comic-book-based elements make up for the teen drama parts that are sometimes oh-so-sappy. The action scenes are well-choreographed and filmed well for a CW show. As there are no super-powers involved (other than trick arrows), there's no need for bad TV special effects like on Smallville.
I particularly enjoy the flashbacks to Oliver Queen's 5 years stranded on an island. The use of those adds a depth to the story telling... if only the actor playing him didn't stare off in the instant just before a flashback occurred. That's when you can see the directing in the acting.
I plan on finishing up the first season soon, and if the second season is on Netflix or Hulu, watching that as well, if it hooks me enough.