I really like this show and I'm glad it's now on Netflix. They do a really good job of mixing nostalgia and inside jokes with good character development and some heart. Sometimes serious, sometimes intentionally goofy and self-aware, but they weave it all together in a really nice, convincing way. There are a few things I'm not as big a fan of (the character of Daniel's daughter is simply awful), but overall it's a really great series.
It's most fun, especially during the first two seasons, to see the story through Johnny's eyes (he's really the main character of the series). I'm currently binging Season 3 which was released today.
If you're a fan of the 80s movies (well, the first two; let's just pretend the others don't exist), then I strongly recommend checking this Netflix series out.