I thought it was very well done. They took an iconic property and put a more mature spin on it. I'm not sure how well it will do, since it's on an obscure platform and it's really designed to appeal to the kind of people who watched Karate Kid when they were young (and are now dealing with the adulthood issues that the show involves).
That being said, not even a cameo for Elizabeth Shue? Come on guys... she could use the work.