I wish they'd bring Robotech back. Granted it was 3 unique Japanese shows melded together to form one American show, but it was pretty darn cool. I remember watching it for the first time and characters actually died. They didn't come back later having pulled off a minor miracle, they actually died. I was blown away by that concept. At the time in the US, the big hit was GI Joe, and even though thousands of rounds were fired and lots of equipment was destroyed, no one every died or really got hurt, for that matter.
I think they could flesh out a story following WC1-WC3 without much problem, and like Robotech and a few other shows I can think of, it has a plot and a definite end point. No endless war that never seems to end.
Now getting it made is a whole other story. It is my opinion that unless you have deep pockets, live action sci-fi on TV tends to look bad, and the special effects are the limiting factor. Grantd it is getting easier and cheaper to do some effects. The problem is, the effects that were cutting edge and expesnive say 5 years ago (and are now easier and cheaper) are not as realistic looking as the current expensive and complicated effects.
I think that an animated series would have the best chance, though I don't mean by that statement that it would be cheap. How ever you can have cool battles and don't have to worry about breaking the bank. The WC universe has a great base to build upon, it is a shame it is being left to rot.