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.
Maybe, but neither one are really the kind of thing I want to see for a Flash series. The tone would probably have to be a lot lighter and more fun than anything the CW typically does.
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.
I remember liking the original
superspeed effect they used in the 90s series, but after awhile they switched to just drawing a simple red blur behind him-- which is basically the same thing they did on Smallville, and which I just thought looked cheesy as hell.