I take a little issue with you calling it a "cheap look". The graphics do not hold up well, but that's because the technology has gotten so much better in the last 20 years. B5 was cutting edge in its day, it was the first tv show (or one of the first) to use CGI I believe.
the series, and wish it would receive an upgrade to HD (which is probably the most damaging factor to its current and future fate in syndication), but the "cheap look" goes above and beyond the dated visual effects (which the cropping to make them widescreen only made look worse). The show didn't have the same funds that Paramount made available to Star Trek and it shows in terms of production design and art direction.