I think the reason for the demise of this show had more to due with the lawsuit filed by Lucas and ILM regarding the special effects used in the show. John Dykstra worked on both of these projects ( SW and Battlestar) and Lucas was none too pleased when they used some of the same tech tricks to produce some spiffy FX.
Also, the show wasn't exactly high cinema but it was a good time that had a few fun ideas regarding the whole aliens/Egypt connection ( mind you Stargate does it better but oh well).
As for the new show from what I have seen info wise, its not looking too sharp. THe bridge looks like something out of a Best Buy Television Deptarment and the Vipers ( which are aged combat ships) look like there were brought fresh off the assembly line.
Also, after reading one of the early drafts of the script, I see many other red flags. The Cylons no longer are the robotic descendents of an alien reptilian race but seem to be humanoid genetic creations of humans that have grown self sufficient and apparently want us dead. (been there done that over and over) Also, there were a lot of over the top sexual scenes that smacked more of Melrose Place than of Battlestar Galactica. I'm a big boy and no prude but I do realize that sex isn't the only way to sell a movie.
All in all, I don't think many people will be happy with this mini series, its pretty much set to make Dune from Sci-Fi ( not Children of Dune which remarkably turned out well) look like a masterpiece ( as opposed to it just being a Masterpiece-of-!#$&