It works well, both as a homage to the past and as a new beginning in its own right.
It uses a lot of iconic images from past Lupin features: Lupin driving his car, Jigen pointing his gun, Fujiko riding her bike (Green Jacket), Fujiko in the shower (Red Jacket’s first episode), Goemon in the forest cutting bamboo (Green Jacket debut). Besides that its structure is in vignettes that showcase each main character (Red Jacket intros) and in a general comic-panel format (homaging Lupin’s manga origins).
But even with the above homage elements, it also stands out as something new in presenting the show’s new elements: newer contemporary designs (including a new jacket color) and a 3D-look on the visuals (car chase). And it succeeds in establishing itself as a new Lupin for a new generation.
And it succeeds to keep its mix of old and new through retaining the adventurous and stylish feel that characterizes Lupin, thanks in no small part to Yuji Ohno’s theme track. I would call it a great title sequence, one of the best since the Red Jacket series. https://www.youtube.com/watch?v=-eKZIkHYI-Y
The Italian Game opening (above) is fairly good too, as it runs on pretty much the similar principle of mixing old and new elements together. It was maybe a bit overlong for my taste.