I hope it has a period setting, but I suspect it might be modernised to compete with Agents of SHIELD. I hope it isn't, as the Victorian setting gives a lot of its attraction.
I'd give this a chance on the basis that it can't be worse than the movie. And if it sucks, then there's a very similar project coming up, which will hopefully do the business:
Coincidentally, Showtime has a somewhat similar series in development, Penny Dreadful (from Sam Mendes and John Logan), that will follow characters such as Dorian Gray, Van Helsing and Frankenstein in Victorian London.