Well, you do get the feel that it will work as a series. But you also get the feel that like all the good shows Sci-Fi puts out, Netflix will only let it run long enough for you to get involved before they cancel it...so it is probably better it's just a singular film.
The bad would be that, at least the introduction of Will Smith in the film mirrors ID4 so much its a little unsettling...it gives the feel that "I've seen this before" and that feel kind of lingers throughout the movie as it seemingly resembles other films you've thought you've seen before...but can't exactly place, at least not all the time.
The good news is, the opening credits do the same thing and that works to brilliantly set up the films universe. It gives it a very 90s gangland LA feel from the get-go with a play on race relations without mentioning actual races that is only really beaten by Marvel's use of Mutants.
It all makes for a very familiar movie. You do feel like you've seen it before and that works both as a strength and a weakness. Ultimately, however, it is more of a strength as the feeling that it's not totally fresh actually helps you get involved in the movie. It helps you so suspend your disbelief enough to fully by into the new world, that magic is real, at least until the credits role.