number6
Vice Admiral
Actually B5 looked really cheap.I wouldn't say it's cheap by today's standards. It's certainly typical for a show like Star Trek, since all the shows since then that fall into that category have all had budgets that at least approached that level (one of the reasons Warner Brothers liked Babylon 5 so much is that they were able to deliver results like they had a million dollar per episode budget with only half that much).
And, again, the shows that followed were able to apply the lessons and infrastructure that Star Trek built during its run, so they didn't necessarily have to invest those bucks into inventing the wheel every week, and as a result, their megabudgets went further.
Brutal Strudel has a valid point. It is too easy to apply a modern production standard and budget to TOS to justify what the value of that dollar really was. Additionally, there are a few things to consider in the era of TOS:
Photographic Optical EFX were (and still are) extremely complicated and time consuming to do. There were a lot of complex SFX shots on the original show, so much so that they were having problems meeting their airdates in the beginning.
Those effects were costly and time consuming for the 60s. With their budget being cut you saw a lot of stock shots and reused establishing shots. There are pages of stories and anecdotes from cast and crew alike complaining about how tight the funds were during the making of the show. I don't think their budgetary issues are any myth. One needs to consider what was possible at that time and how much it cost without the technology that we take for granted.