What they got right: I couldn't find an "Arson Fiend" at the DC Database, a Wiki exclusively focused on DC Comics, he seems a rather lame villain for Captain Marvel. However, what gets him in the "right" section is the writers' attempt to build on the mythos rather than use the same old characters. Unless he turns out to be a previous Fawcett/DC character, which neutralizes the whole thing. At any rate, the mystery of Captain Marvel's personality, and how Billy is affected, should make for a most interesting arc.
What they got wrong: "Arson Fiend"? Really? That's the best name you've got. Even something like "Burnmaster" would have been better for this day and age. "Beware the Terror Flame!" Come on, guys. Those were off the top of my head. And how important is he really going to be to the Marvel mystery?
Recommendation: It's got my interest so far. I'm curious to see what they do with it. Worth taking a look at.