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.
I've been watching Elementary recently, and it's pretty good, I'd say I enjoy it about as much as I do Arrow - more character-oriented, less action. At first I was reluctant to try it, as I assumed it'd rip off BBC's Sherlock, but fortunately it goes in a different direction - it's a police procedural, not a mystery, Sherlock is manic and awkward rather than sociopathic and cold, and they do entirely different things with Moriarty, both good in their own way. Which brings me to...
BBC's Sherlock. Not technically on TV, it`s between seasons, but then again, so is Arrow at the moment, so I'd say it's fair. Hour-and-a-half episodes, really good acting and Chemistry between Benedict Cumberbatch's Sherlock and Martin Freeman's Watson. Sometimes it takes them too long to get on with solving the mystery, but that's always a risk, and I'm willing to let it slide for the other things it does right.
Hannibal's also pretty good, though it's still developing so it's too early to say - some parts of it appeal to me (devious manipulative criminal as a protagonist, good acting), whereas others do not (dream sequences, excessive gore). Any scene with Mads Mikkelsen in it is worth watching though. The combination of the framing of a shot and his acting can make a single split-second look speak volumes.
Also Doctor Who, though it has varying quality, but of late it's been pulling itself out of a hole, so getting better.
Also in hiatus, and not really live-action TV, The Legend of Korra. Bit of a non-sequitur, but dammit, I want the second season. They could at least give a date for it...
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.
