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.
After 8 seasons, the Mother is finally revealed! (spoiler text) I have to imagine that if you stuck around with the show this long, then you're not going to drop it now. Actually, that may not be true.