Personally, I'd recommend it. It's basically Batman if Batman was willing to murder people (at least for the first season). I thought they did a good job re-imagining a lot of Villains to be more realistic and less comic booky. The action and fight sequences are decent (for a TV show) and the acting is, for the most part, not bad. And the way they jump back and forth between present and his time on the island is really quite good.
That being said, there are some things you have to prepare for. It's a WB show, based on a comic book, so almost every character in the show is almost hilariously attractive. Seriously, apparently in the world of Arrow 90% of men have six-pack abs and 95% of women have 24 inch waists. Granted, in TV people are always more attractive, but in Arrow it's borderline hilarious.
Some of the romance subplots get sort of ridiculous and all over the place after a while.
I haven't finished it yet, but so far the second season feels much weaker than season 1 to me (which is often the case) but this is largely due to one part that I hated that might just be me:
<spoiler=Spoiler>In the second season, you discover that Sarah Lance lived. Not only that, but she's ALSO a super-duper bad-ass trained killer now, just like Oliver. It's totally ridiculous and feels completely unnecessary to the plot.