I find it somewhat comical that you're literally calling it the best show on TV right now, but can't get the last name of half the important characters right. McQueen? Really?
It's good, but it's not great. The writing is definitely nothing out of the ordinary, a lot of the plots are downright predictable. The music is definitely nothing special. The fighting's pretty well done. You do get some really good acting from some of them - Oliver may seem wooden, but he's supposed to be, and when you go back to the flashbacks where he's a whiny dilletante, the differences are really staggering. There's also Paul Blackthorne as Detective Lance, who does a fantastic job, getting in the comedy beats without turning into comic relief, and John Barrowman, who really shines when he's let off the leash - his over-the-top diatribe in the last episode had me rolling on the floor. Others though - Laurel, for instance - not the best acting.
It's good, but not great, and not the best at the moment. I suppose it just happens to push your particular buttons, which makes it great for you, but I'd have to mark that as subjective.
Other good TV that might beat it out? Hm... Well, Game of Thrones, for one - I mean, THAT'S got amazing acting as standard, and they have such a HUGE cast to meet it. Really excellent writing, costume and set design, all that stuff as well. It's not perfect, every now and again I have a problem with the direction, or the cinematography, or the pacing - but those are exceptions to the rule.
In short, Arrow's good, one of the better things on TV atm, but not the best - that goes to Game of Thrones and other things in that league (Breaking Bad's not my thing, but I respect its excellent reputation and production values). Still, I'll watch it 'til it goes bad.