I have mixed feelings on all this. On one hand, cheesy special effects are exactly what none of us wanted. We wanted the old-school feel for a new generation. I don't think we'll be getting that.
On the other hand, the addition of Hulk Hogan automatically makes this a must-watch. This has major potential; both good potential and trainwreck potential. I'm definitely in, whether the end result turns out to be good or not.
I agree with John. Better that VM burn out than fade away. I was fine with them replacing the one uber-mystery in a season for the 2-3 mini-mysteries (the Hearst rapist case this season was particularly well done)