seaQuest is a prefect example of what I'm gonna call "sub premise limitation": if your submarine based show is not about the sub being in a war or 20,000 Leagues on another planet, it will not only get cancelled, it will probably suck as well.
I wouldn't mind a reboot, but they have to come up with a plan ahead of time and make sure the action/science ratio is sorted out so the show is actually entertaining and not dull/stupid like a lot of S1 and S2 were.