Which is one of it's greatest failings, I think. Even if I were to accept this is just Batman under a different name, I can't think of anything it actually does that's better than what I've seen in numerous other batman shows. Vertigo as Joker was weak to almost every joker I've ever seen and there wasn't much of a dynamic between him and 'batman' like there should be. He was just a crazy guy and his relationship with Arrow ended there. Deathstroke, with his incessant whining, is a shadow of the badass merc found in Teen Titans (either the comic or show). Ra's al Ghul hasn't really been elaborated upon, but I doubt he'll top Begin's interpretation. Roy is a shitty Dick Grayson. Diggle and Felicity are an ok Alfred and Oracle I guess? I don't even know who Bat-Thea is supposed to be. Nor am I sure who Merlyn would be. Owlman maybe? If we're going by Snyder's interpretation, then he's a crappy Owlman too, though as a villain Merlyn is one of the better ones in arrow, which isn't saying much but there you go. Edit: Actually, Merlyn isn't a Batman villain at all. Super rich corperate psychodad of best friend who was interested in hero's main love interest? Hello, Norman Osborn.
The show really had a big opportunity in taking Arrow and establishing the series mythos for a wider audience. Rather than Ra's al Ghul, they could have taken that 7 seven weapon clan concept Lemire created in his run of Green Arrow and elaborated on it. He never had enough time to give most of the clans the full development they deserved. Only the Arrow clan and maybe the Mask and Spear Clan got development. The rest were kinda shafted. They could have milked multiple seasons out of them if they wanted to. They had the opportunity to create their own entire cast of villains that could potentially become iconic rouges in the franchise as a whole, like Diggle is now a comics character as well. And it was a mythology that was not only totally unique to Arrow, but even justified the use of such an outdated weapon to some extent.
That would be a show I'd be very excited to watch. I have no desire to watch a second rate batman, especially when Scott Snyder and other writers are absolutely killing it with Batman comics, while Green Arrow had 1 great writer in the entire new 52 run so far out of 3 and made a few appearances in an offshoot justice league comic. If I want good green arrow stuff, my options are far more limited than batman, so why not develop the unique property you have? I could understand wanting to use some bigger villains like Deathstroke just to get the franchise's feet off the ground, but by season 3, they have no reason to still be relying on Batman the way a healthy person fakes a disability for a welfare check.