As Newsarama wonderfully put it;
should've seen this one coming!
With the wild success of Smallville, and the JL team within, this comes to no surprise. Add the fact that no one can touch anyone in the Batfamily with an eleven and a half foot pole due to copyrights and so forth (at least not for live action television), it was only obvious that the most successful "JL" Team member from the Smallville series would get his very own show.
Very exciting if you're an arrow fan.
For the 87% of the rest of the people in the geek world, this is severely disappointing.