UFO was a great piece of fun from the makers of Space: 1999. I would love an updated version of UFO more than 1999 in some ways. It would have a rather X-Files hidden government aura.
They actually did this a few years ago. It was called Threshold and starred Carla Gugino, Brent Spiner and Peter Dinklage as members of a top-secret organization created to deal with an alien invasion. I started a thread way back when Threshold aired listing the similarities in concept and execution between it and UFO. There was no moonbase or funny wigs, but the basic core SHADO concept was pretty much ported over into Threshold.
Space: 1999, by the way was originally planned as Season 2 of UFO. As I understand it (from reading the various UFO fan sites), had a second season been commissioned Straker and his SHADO team would have been based on the moonbase more frequently, and I think the "moon leaving earth orbit" angle might have been part of it.
But the problem with UFO is that Gerry Anderson was primarily known as a children's show maker at the time, and as such broadcasters - especially American stations - couldn't process a show with such dark violence, sexuality (not just Ellis in her skivvies but the episode where Ed Straker has a sexual affair with a reporter), drug use (one of the last episodes dealt with this), and some very dark issues relating to Striker's family. Without US backing Anderson couldn't make a second season.
Fast forward 4-5 years and Anderson retooled UFO II into Space: 1999 as a vehicle for Martin Landau and Barbara Bain (who I understand were the Brangelina of their day and still popular from Mission Impossible, even in 1975). Space: 1999 ran into similar problems as UFO - broadcasters didn't know what to do with it, but at least it got a second year and apparently narrowly missed getting a third. History repeated itself in 1995 when Anderson made Space Precinct which was a straightforward European cop show set on an alien planet with a mixture of human and alien cops. It was an adult show, but presented in a way that appeared to be a kids show to the layman, and US broadcasters couldn't figure it out. (It wasn't till Farscape came along that people began to accept kiddie show trappings in an adult storyline).
I loved UFO when I first saw it on DVD and I'm hoping it gets the Blu-ray treatment from A&E now that it's done Space: 1999. My only complaint is Wanda Ventham only appears in about 5 episodes - a cameo in the very first episode and then she disappears until near the end when she was brought in to replace another cast member who ended up being unavailable for the second production block of the series (filming took a hiatus of a number of months midway through for some reason and they lost a few cast members en route). I didn't realize she's the mother of Benedict Cumberbatch, the new Star Trek villain and star of the BBC's Sherlock...
Alex