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.
Just to condense things, there's a SmackDown! moving to Fridays thread already going on over in Wrestling Even by moving SmackDown!, UPN seems to be keeping it's strategy of counter programming on Thursdays. It's a lineup of comedies.