The plan is that not only will Barry Allen/The Flash have a origin story in Arrow, but also get a spin off show! This is exciting news since most the time when DC comes out with a show or movie, it's normally based on Superman or Batman. DC Comics don't really branch out with there other characters as much as Marvel does. So having a show like Arrow and now talks of a Flash TV show, just shows that there are trying to get other characters out there.
There are also talks of a Wonder Woman show called Amazon in the mix. Not a front runner at the moment, but it is being worked on. Flash is no stranger to a live action TV show. From 1990-1991 in only one season, a live-action version of The Flash aired staring John Wesley Shipp as Barry Allen/The Flash. While that show was more of a cartoony kiddy show, I am sure being in the Arrow universe the new show will be more of a serious show. Well to a point since The Flash is nothing like a Green Arrow or Batman being serious all the time. Looking forward to not only season two of Arrow, but also when Barry Allen appears on the scene!