In regards to the effects, I LOVE old effects. I much prefer them to today's video game graphics, especially in Horror movies.
Interestingly enough, I was turned off by the effects, when the series aired the first time. I guess it was because I wasn´t used to CGI on TV in the day and expected space to look a bit more calm and grey. So I din`t watch "Bab5".
Just recently my wife and I bought season one on DVD and we really enjoy watching it. The great soundtrack by Chris Franke of Tangerine Dream fame puts me into the right mood and the CGI is actually quite impressive!
I guess we are in for another round, if we completed watching season one.