From the outset it was clear that J.T. Krul, who had been writing the book as a Brightest Day tie-in, meant to stay on for a while alongside artist/ inker pair Dan Jurgens and George Perez (yes, seriously). There was an optimism about the book, according to an interview Jurgens gave with IGN,
that he and J.T. could stay on the book for a while to shape it's future.
But, of course, that simply wasn't the case. Krul was off the book by the second story-arc, but Jurgens was promoted to co-plotter for the series. Krul apparently left the series to pursue other projects, but it can speculated that editorial at DC is to blame for this. It's well-documented that creators were leaving books even before they were put out on the shelves, and I wouldn't be surprised if this were the case. Jurgens was gone by Issue 4, to be replaced temporarily by Keith Giffen. Jurgens only stayed on until Giffen left, too.
This issue of Green Arrow was met with mixed-to-negative fan reception. Most people hated almost every first issue of the New 52 (Red Hood & the Outlaws receiving the most backlash) and this was one for some. It was boring, they said, and no doubt jarring. Hell, the entire reboot was jarring for fans. There wasn't much build-up to it, since it was the result of Flashpoint, which was never meant to be the reboot catalyst in the first place.
Still, Krul and Jurgens did bring new, innovative things as they promised. Green Arrow was back to his roots as a street-level vigilante with the trick-arrows everyone loved. Krul even added new elements such as Q-Core, a subsidiary of Queen Industries that Oliver got placed in direct charge of. Oliver was also relocated from Star City to Seattle again, and had a new team of helpers, Naomi for tech and Jax for...comedic relief, I don't know. He even got a new character to play "the man" that Oliver could combat against: Emerson (who would play a big part starting with Green Arrow #17).
The New 52, while not the best of times, did fulfill it's promise: bringing new ideas and gimicks to pre-existing characters. And while some of those didn't work out that well (some seen in this book), you can give them credit for trying and not just pressing the restart button and telling the exact same stories they'd been telling before.
So, what's up with this new version of Oliver Queen? Well, for starters, he's much younger, implied in this issue to be in his mid-twenties. He doesn't have the famous goatee (since he isn't so old) and hasn't really faced all the consequences of his vigilante life-style. He's so far capable of separating Oliver Queen and Green Arrow, but the walls are starting to close in on him in this issue.
Probably the best indicator of this is his suit, but we'll get there soon. For now, we'll begin with the cover!