I'm not sure if Dark Crystal is a good comparison to Narnia (seeing as it's done primarily with puppets.) But for what it is though, the production values do look fairly good.

Strictly from a production value stand point, I think a better comparison might be the recent trailer for BBC's His Dark Materials. Which overall looked pretty good, particularly the few glimpses of CGI animals which look about on pair with most movies. It made me feel slightly better about a Narnia series terms of budget. Especially considering HDM almost certainly has a smaller budget then something like Game of Thrones, and I'm guessing Netflix probably won't be pumping GoT levels of money into a Narnia series, at least not at first.

I'm wondering what the CGI will look like for a series with such a heavy mix of real and animated elements as Narnia. I'd prefer it if they put more money into the real stuff and kept CGI to a minimum (meaning minimal use of cheesy CGI backdrops). That way, I'm hoping the CGI budget would still be large enough to make what CGI they actually do be really good. Limit it to animating creatures, special effects, and filling in small chinks in scenery, say I.
What are your thoughts on the possibility of Narnia reaching such a level of success that it gets a GoT-sized budget? (I mean just off the top of your head, since we don't have any indication yet what they'll be like)

Dark Crystal is not all the vibe I would want for Narnia, but the fact that Netflix producing so many visually phenomenal films and series is rather encouraging from a production value standpoint.

I get how this might not be a fair comparison, seeing as how Dark Crystal is mostly puppets, unless Netflix decides to blend puppets and CGI for Narnia. But just looking at how they are pouring 15 to 25 million dollars into Dark Crystal (I’m seeing conflicting numbers on different sources), then I would imagine the same kind of money would be thrown around for Narnia.

Just keep in mind Walden’s LWW was a 180 million dollar budget. As long Netflix uses their budget well, we should expect, at the very least, some very decent visuals.

Netflix released a comic con sneak peak for Dark Crystal, as well as a new trailer for The Witcher. The production values still look decent, so I’m still hoping Narnia production values look similar. I guess it still won’t compare to the $155-$200 budgets that we saw with the Walden Narnia films, but as long as we get a visually convincing Narnia series, I’ll be satisfied.

In general I agree with Monty Jose. It can be "visually convincing" without going overboard with CGI. For example, as much as I enjoyed the scenery of New Zealand (and didn't they have to ship the snow in?), the BBC Narnia did a pretty good job of showing the kids going into a wardrobe and finding themselves in a snowy forest. In other words, they could shoot it anywhere with woods and snow. Growing up in western New York, I can think of many places that would do well for Narnia. But a talking lion? A flying horse? A swashbuckling mouse? That sounds like CGI (or at least a "puppet") to me. But no matter the technology they use, I have a feeling they'll do it much better than the BBC version!

But please don't misunderstand what I'm saying here. I'm actually one of those rare few who actually like the BBC version - but I'm trying to be objective. The beavers are big round puffballs, the flying creatures are cartoon-style animation, and I could go on. Not to mention, they reused an actress, confirming a popular (but incorrect) theory that the White Witch and the Lady of the Green Kirtle are the same person. So as much as I enjoyed them as a kid, the truth is the graphics weren't that great - and I'm sure Netflix can do better!