I watched Babylon 5 when it was first on TV and I have every episode recorded on VHS. One of these days I'll digitize them so I can enjoy them rather than the "widescreen" versions. Babylon 5 was great TV - each episode and season told a story which was then part of the story told by the entire series.
But a reboot doesn't compute IMHO. Part of the reason B5 was great TV was JMS. He had the vision for the entire series, the backstory, and the ability to change plans when required due to cast, production company and whether there would be a next season. JMS also had the experience to know how important it is to come in under budget (something which doomed Firefly).
So JMS is being given the green light to do a reboot of B5. But a big part of B5 was the knowing that each episode was part of the larger whole - even if you couldn't see it yet. Simply retelling the same story with new actors and better SFX would remove much of the enjoyment as you'd know how the story is going to end before it even started. But if JMS's plan is to tell a different story, then it's not really Babylon 5.