I have to say, I really enjoyed it... and it really borrows from so much to make the show relevant for today's kids, while not looking like it's pandering. The show doesn't try to be the original in some aspects, and in others, it follows the same spirit. I kinda miss the sketch comedy style utilized in the first one, but I think it's better that they make it sort of like Sesame Street or Between the Lions... making one story line throughout the episode, breaking it up commercial style with other segments.
Sure, it seems like a product of current times... but that's what makes this series and a lot of SW's projects work. The 70's EC came off of a time when Laugh in was king, and SNL was just starting up... Square One was very 80's and felt a lot like the 1980's SNL... this has a feel that really works... using a Super Hero plot for the main show, in the vein of Heroes (not obvious, and running around in tights with goofy code names), but lighter hearted with musical numbers. I do dare say it borrows a bit of HSM (gag), but completely improves on it. And adding a "web video" segment with the Pranksters was genius. It reminds me, almost, of the new Kamen Rider series.....
That said, they kept Soft Shoe silhouettes and updated it, while keeping a retro feel to it. And the connecting segments really keep in spirit of the old series (though, they seem more like something out of Square One, almost). My favorite would have to be the animated segments with the old guy and the weird guy. They really seem to be the animated stars... sort of like Letterman. I also liked that Jack Bowser thing.