I had the same thought while watching Fringe. It's extremely well produced, I'd love to see a Trek series in that same style. It wouldn't even have to be in space all the time, if it's too expansive
If you're not going to set it in space, why does it need to be
Star Trek in particular?
In fact - what is "it" that we're even talking about at that point? If
Fringe is the model for being popular and cheap, why not do a spinoff series of
Fringe? (Not that
Fringe is "popular" given the ratings its been getting - which means it's not likely to serve as the template for anything.)
If the idea is to shape a
Star Trek series in the mold of a popular genre series, that is getting great ratings by the standards of wherever it lives, then here are the more likely candidates:
The Clone Wars - CGI fest aimed at kids on the Cartoon Network.
Game of Thrones - elaborate plotlines with grandiose scope focused on Federation politics, diplomacy and war, more morally grey than usual for
Star Trek, made for Showtime or Netflix.
The Walking Dead - ultra-violent space combat against horrific aliens (the Borg, revived and no longer treated as a joke?) with intense focus on a small band of Starfleet characters plus alien allies of conveniece, once again more morally grey than usual for
Star Trek and made for Showtime or Netflix.
Those are three distinct ways of possibly adapting
Star Trek to audiences that already support shows that demand higher than average effects budgets, while still allowing the show to retain its identity. In the case of the last two, the shows will work on outlets that CBS either owns (Showtime) or has a good working relationship with (Netflix).