Hardly the first. There have been plenty of revivals that were direct continuations of older shows, at least as far back as the 1967 revival of Dragnet. And surely Star Trek: The Animated Series, TNG, etc. would count, as would the 1996 and 2005 Doctor Who revivals. It's not that uncommon.
I wouldn't go that far. There were some things that bugged me, like changing the rules of Leaping to remove the Waiting Room and replacing the sentient Ziggy with a mindless, impersonal computer, but I generally liked the ways they made use of the lore and history to inform the new series, particularly Magic's perspective as someone who'd been Leaped into by Sam and had been affected by it ever since.
I'd say "completely" was an overstatement. I do wish they'd had more faith in the episodic, pseudo-anthology format of the original and not felt so much need to conform to the modern fashion of serial season arcs, but I liked the supporting cast, and I liked getting to see what was going on back at the Project during a Leap. That was a feature I liked about Ashley McConnell's novels based on the original series, even though she took some liberties with the continuity and premise.