As someone who pretty much gave up reading Teen Titans half way through the new 52 I wasn't sure about picking this up just based on how bad Raven's new 52 version was, however it was also written by one of the best Teen Titan writers Marv Wolfman and I thought I'd give him a chance to fix the character. For a first issue I'd have to say that he did a pretty decent first issue that set-up Raven's new status quo, before she get kidnapped by Damian Wayne later this month that is.
Now I will say what's interesting is that it does not completely ignore the past few years of Teen Titans, she mentions her old team and even points out that the reason she decided to move was the lose of Tim Drake (read more about that over in detective comics). However beyond a few mentions of past heroics this is really just seeing Raven start over, we see as she moves in with her aunt and her family that she didn't know about while also starting high school. I will say that you should be warned that this is a very teenaged raven story that see the character once again trying to fit into everyday life with some new magical entity coming her way, which may or may not be some story beats that you've seen from the character in the past. However I found it to be enjoyable as it attempts to correct past mistakes with what I found to be decent humor and some actually pretty good art. I'd say that if you are someone who has never read raven before or have but felt like the past few years haven't entirely been great to her then I'd say this is a pretty good issue for you to pick up.
P.S They do reference the weird feather costume in a dream sequence and some weird spirit thing but she doesn't actually wear it outside of the dream scene if anyone was worried about that.