This series reads like the outline to a better story. The pieces are there, but the dialog is flat, you have to really squint to even make out the second dimension of the characters, and the writer seems to be figuring out the story as he tells it.
There is no rhyme or reason given to anything in this series. A dull guy in a cool costume, who is sort of an orphan, becomes magic, instantly knows how to use his power, loses a possible mentor almost right out of the gate, and battles a bunch of supposedly frightening bad guys, none of whom seem to have a plan or even really a motivation.
It's difficult to notice the art because the story keeps putting me to sleep.
If I had to compare it to a series, I'd have to say it's like Spawn, in that it's a frustatingly bad comic with a near-intriguing premise, and character design that's much better thought out on the visual spectrum than in the personality/backstory spectrum.
Many of the other Valiant series I read when they relaunched, made me want to go back and see what their 90s predecessors were like. Not this one. The mediocre Ennis/Wood/Jenkins runs were disappointing enough. I get the feeling that, while Shadowman could be a fun part of a team book, not enough thought has gone into the character to warrant his own series.