How good or bad a show like this would be depends entirely on the characters. When DS9 came out people had the same reactions, who wants to see Starfleet Officers stuck on a space station? But the excellent writing and well developed characters made it work.
I've always thought that the idea that Earth became a perfect paradise handi-capped Star Trek. Because, as Bry Sinclair
said, paradise is very dull. It's also very unrealistic, IMO. So it pretty much limited the number of good Earth-based plots you could have unless you went back in time to when Earth wasn't perfect, in other words, when Earth was interesting.