“After a violent shipwreck, Oliver Queen was missing and presumed dead for five years before being discovered alive on a remote island. His mother Moira, sister Thea, and best friend Tommy welcome him home, but they sense Oliver has been changed by his ordeal on the island. Oliver secretly creates the persona of Arrow – a vigilante – to right the wrongs of his family, fight the ills of society, and restore Starling City to its former glory.”
The TV show is based on Green Arrow, the bow-wielding vigilante from the DC Comics world.
Update – A comment from a fellow movie fan via the facebook page of Teaser Trailer:
From what I’ve seen and read, it’s a stand alone show, no visible tie in to other licences. this GA is much more hard core than Smallville’s version.