Instead of going back to revamp the franchise, I think the should have done a Starfleet Academy series set after voyagers return. It would have draw in the younger sci-fi viewers giving them something to relate to and given the fan base familiar faces and story-arcs. One episode the 'Doctor' stops by to give a speech on Delta Quadrant medication, another you pass by Prof. Miles O'brian's engineering course or Dr. Crushers medical lab (or give a returning cast member a main character role, why not). One of the main characters could be aiming for the CONN position to throw in space cg effects every now and then, another main charater's a klingon. You can even have the occasional Romulan or Borg threat or do class away mission, reaching to further reaches of space using the new transwarp system. Aliens attack and they send out a distress signal and Worf in the defiant drops out of transwarp and kicks ass. I think it would have been a great idea.
that sounds like a brilliant idea, would easily watch it, could see a good fanfic novel base from it, but i'd have a new starfleet base in some other quadrant though, to add a new background, have a new warp drive project and stuff...