Having just started rewatching the series again, I'm of the opinion that a remake or re-imagining of this show isn't necessary, certainly not at this time. While far from flawless, B5 was a great show and told a pretty damn good story. Though the first season was slow at times, it was necessary to get to where JMS was taking us. I liked the characters the way they were protrayed and am just as happy to live with the show the way it is.
BTW, though the sale concludes today, Best Buys was offering each season at $20 apiece. Just picked up Season 2 yesterday, which will keep me watching for a while.