I love Babylon 5! After many viewings on a small screen, I was quite horrified recently when I played B5 for the first time on a big screen (PAL dvd on a 105" screen). Yikes! The CGI resolution is terrible compared to today's standard. It was so distracting that I turned off the projector and continued the episode on my tablet.
Until a series reboot happens, I too don't believe in an HD upgrade. Anyone petitioning WB would then pitch for a reboot, before upgrading the existing material.
If any Warner Bros execs visit this site: Yes, I'll watch a reboot. I'll buy it on disc. I'll buy an HD release of existing Babylon 5. I'll pre-order the blu-rays on the first day.
Full disclosure: I might pass on Crusade (great potential, but not developed enough) and Legend of the Rangers (felt too much Dungeons and Dragons in space: take a level-1 thief, warrior, elf, etc., and give them an adventure).
P.S. Anyone recognize the hull of the station?