Is this as good as the best seasons of the original series? Of course not. Expecting that would be a fools errand. But does it have its charms? Sure.
The inversion of the original plot is a nice way to both complete Frasier's character arc, while maintaining a generally familiar dynamic.
And unlike the original, which hit the ground running from the very first episode (perhaps more so than any other show), this one does have some room for improvement. The cast is inconsistent, most notably in the questionable casting of Freddy and David. That said, Eve & Alan are both excellent.
This is television comfort food. It's not meant to be anything more than this. Some of the jokes fall flat, some don't. There is an excellent joke in the fifth episode where Alan accentuates the punchline by cracking a chestnut with a gauntlet he's accidentally gotten his hand stuck in. Moments like this have flashes of the original's brilliance, but for the most part this is a show full of smiles but not full of laughs.
If you just want to see Kelsey Grammar back in the role of Fraiser, and can stomach the idea that nothing will ever match the original, then the show is well worth a watch.