The show is just ok so far. Weird, I'm enjoying Flash more than Arrow at the moment. Which is really surprising, cuz the Flash was so meh last season. Ollie just needs to suit back up. He's the Arrow, end of story.
They made a very conscious effort to course correct on Flash this year, and so far I think it has mostly worked. The tone is fun again, the characters aren't steeped in nihilism and dread, and it's fun watching how The Thinker's plan is developing. The producers and writers have outright admitted that the show got significantly darker last year than they ever intended and that they got lost in the weeds on the Savitar/Iris thing.
Arrow is a weirder beast. It peaks and valleys due to a variety of reasons, one of which is the villain. Last season was good because Prometheus worked really well as a villain and it gave the show some propulsion every week with the cat and mouse game that was going on. Right now, we're lacking a strong central villain for this season, I find the FBI agent character and story arc super annoying and have never much cared for "secret identity threatened by normal people" stories. It's still much better than the season before last, i think, but it is unfocused.