I would a new TNG show, it is joint best show to DS9 IMO, but it was the show that made me a Trekkie so it will always have a place in my heart.
It could revitalise the franchise though. DS9 as said was quality, but has no pop culture appeal. Of all the modern Treks, TNG is the one the man on the street knows the most about (DS9, Voyager and Enterprise are similar to say Stargate SG-1 in the average person's eyes, just with cult followings).
So as TNG is, in the public's eyes, the most known modern Trek series this is a plus in terms of promotion. People will tune in to see if Picard, Data, Worf, etc. are still the same. The issue would be if the level of storytelling could cut it, as well as the acting standards. But in money making terms, it's as good as any other IMO. Paramount may see it as a less risky venture than making an entirely new series with a unique setting/premise.