It's interesting to compare Elementary and Sherlock; they are both good, but both quite different. Sherlock is basically AU fanfic set in the modern day; that is, it takes the characters and the plots and translates them into a universe where they take place in the modern day; some of the plots closer than others, but the characters very close to the spirit of the original; not just Holmes and Watson, but Le Strade, Mrs Hudson, Mycroft, Moriarty, Irene Adler...
Elementary, by contrast, is much more of an "inspired by"; it takes the original concept of a brilliant observant detective and his doctor sidekick, and runs with it into uncharted territory. In that way, it's much more of its own show, and needs to be judged on its own merits, not on its merits as Sherlock Holmes fanfic. That makes the two shows quite different beasties.
I've now seen six episodes of Elementary, and am still enjoying it: intriguing mysteries mixed well with good characterisation; I love how both Watson and Holmes make insightful observations about the other, observations that can be painful in their accuracy. As I said, good characterisation.
Alas (alas?) now that I've seen six episodes and sat back and thought a little, it has happened: I have discerned patterns in the plots, and thus they may well end up becoming more predictable.( spoilers will be MURDERED )
Still, I don't think that will prevent me from enjoying it.