Total waste. The effects aren't that dated at all.
Have you watched the first season recently?
More than that, because the effects were done on video the episodes were edited on video. Whichmeans if any "HD" or higher-quality versions are ever to be made the entire episodes would have to be re-edited and cut together from the filmstock.
A perfect example of how some cost-cutting measures really end up costing you more in the long run. They really blew it with this.