I've heard of this show mostly because it was something JMS had worked on in the past. Scanning the wikipedia page, I note other future B5 hands - Doug Netter, Larry DiTillio... even Marc Scott "I have a kickstarter project now" Zicree.
I like the Reeves-Stevens (who doesn't?) and Manny Coto well enough, but I'd wait to see what this new show actually looks like before venturing any hopeful opinions.
Just to clarify: I didn't mean to imply that Coto was involved with Phoenix Rising, only that he had collaborated with the Reeves-Stevenses on Enterprise.