I love Babylon 5 but I certainly think it's fair to say it was flawed. But that certainly doesn't mean that I want to see it rebooted. I'm guess that, aside from money, part of Straczynski's motive in wanting to rebook it is to get a chance to do the spinoff stuff that he didn't have the support to do the first time.
I think that the extremely high degree of creative control that Straczynski had was both necessary for alot of what was great about the show and was also the source of some of the issues that made it rocky in spots. Ultimately I find its flaws easy to forgive. Some of the stuff that hasn't aged well doesn't bother so much because, although I didn't see the show until much later, it is a product of the era I grew up in, and it's easy for me to see it the way it would have looked at the time (and regardless, I can generally do that with alot of stuff that came out before I was born). The rough first season is comparable to most of the good Star Trek shows. The issues with the (still mostly great) fourth season and the first half of the fifth season (and that half is pretty bad, although I like the second half) are at least understandable, since they thought it was going to get cancelled and then ended up having it brought back.
I just doubt that a new version will be allowed to be as idiosyncratic as the original. If this is going to be "Babylon 5 for the Game of Thrones generation" or something then count me out...or maybe this will be one that I end up getting hooked into no matter how bad it is.
A show based on Asimov's Foundation started last Friday. It's supposed to last 8 seasons of 10 episodes each. I bet it doesn't make it. I liked the books but I'm probably not watching the show.