As someone who grew up with Krypto as the Superboy's dog, watching this version was strange, but yet familiar. At first, I thought these episodes dealt with the time period after Krypto left his master (Superboy/Superman). Yet, this isn't the case for two reasons: (A) Krypto left the Earth to explore the universe and have it as his playground. (B) After reading several episode summaries, I came to realize, in this version, Krypto just arrived on Earth. He was Kal'el's dog on Krypton, but when he arrived on Earth he joined up with a human boy (instead of his original master).
I can accept in an alternative universe Krypto didn't meet up with Superboy, but with a normal boy who lives on Earth. Given this perception the series Krypto: The Superdog is really great children’s (TV: Y) series!
Krypto, otherwise, has the same powers and retains the sense of right and wrong he learned on Krypton. These facts make Krypto a great model for children. The show doesn't talk down to young viewers, but instills in them important life lessons, through fun action packed and adventurous fun. As a parent, I can highly recommend this show to other parents (based upon the several episodes I viewed).
As for my watching the series, it brings back many wonderful memories of Superboy, Krypto, and I up in my bedroom. Yet, it is painful not to see Superboy in these episodes, so I'll be passing on watching the series. I will be watching, though, The Legion of Super Heroes!