Motorsport is one of the few sports where women are not at a physical disadvantage. This is one place where they should not be separate from the men. I understand the thought behind it but don't think it will provide any positive result.
At best I think this series will produce nothing interesting and at worst will have a huge negative effect on women in the sport. When a driver moves from F3 to F2 and doesn't do well immediately, the reaction is often "Well John Smith wasn't that good then". However, when Jane Smith wins the title and moves from W-Series into F2 and doesn't immediately do well, the reaction will be more along the lines of "Well women aren't that good then". At that point, the series is doing more harm than good.
As always, relevant xkcd: