I'd much rather just see a fun, action-packed Flash movie myself. I'm not really interested in seeing him get the Smallville/Arrow treatment, and sticking him in yet another moody CW soap opera with yet another complex mythology.
I question the premise that there's such a thing as "the Smallville/Arrow treatment." Despite their superficial similarities, I find them very different shows.
Not to mention that I just can't see them doing anything terribly flashy or cool with his powers on a TV budget (at least not judging by the cheesy superspeed effects we saw on Smallville).
I guess you haven't seen the 1990 Flash
TV series, then. They did some very impressive visual-effects work for their time. Although that may be a matter of budget.
And actually I think Smallville
did some pretty impressive work when it went into Clark's accelerated POV and did things in a bullet-time slow-motion style. I often felt that would make a lot of sense for showing the Flash's powers, since his own perceptions are similarly accelerated. That's one thing the '90 show didn't do -- since The Matrix
hadn't happened yet -- so it could be a good way to differentiate this Flash show from that one.