Oh not as good as Sherlock, but Sherlock is easily in my top 5 shows ever. But, importantly, they've done something quite different. Sherlock is basically event television, each season being essentially three films with huge set-pieces. Elementary is done in a more crime procedural style, with long seasons of standard-length episodes.
Other than the fact that they're set in the modern day, and Sherlock himself is English, the two shows have basically nothing in common in terms of style/approach. I really like the fact that both shows have taken different approaches to incorporating things from the novels and original films.
A couple of examples - In Sherlock, Dr Watson is an army doctor who had to retire from the forces. And Sherlock's drug use - in Sherlock, he uses a nicotine patch (very BBC). In contrast, in Elementary Sherlock is a recovering heroin addict, and Dr Watson is a former doctor who now works as sober companion who is assigned to help Sherlock.