I'd assume that it will NOT be Lucas writing and directing this series, so it may be worth watching. Lucas said in an interview a few weeks back that he's done with Star Wars after Ep.III, but he can see the universe carrying on with other people at the helm. He'll probably just be attached as a producer.
I'm almost positive the show would not contain the main characters from the 6 movies, like Han or Chewie or Jar Jar; it would just take place in the Star Wars universe. What time frame the show will happen in, though, I have no idea. I'd say the show should take place during the time frame of the Original Trilogy. But fall 2006 is a long ways away. Who knows what will happen by then.
Well there certainly is a huge market for a Star Wars series all you have to do is look at the success of the video games and books. I think the best bet to make it a hit is to have it be a syndication type show and not get it on prime time. I will check it out because I'm a Sci-Fi nut but as far as the general public I don't know. I think you need a name actor as a lead roll maybe someone who needs a career boost. Should be interesting to see where this goes.