Deep Space Nine came out a year before B5 and was already light years ahead in graphics, which (on the surface) made B5 look cheap. But the story behind B5 was far more engaging than DS9 and the only way anyone would know that is to watch the show. I was already hooked on DS9 by the time Babylon 5 aired.
I think B5 could be remade awesomely, but not if anyone changes the story significantly.
That's funny, it's been so long that I just assumed B5 preceded DS9. My memory is shot so take my recollection worth a grain of salt. I also remember finding the graphics for B5 to be pretty cool, but I literally haven't seen the show since it first aired, so again, my memory is probably faulty on it.
I'm sure a lot of the problem with my recollection stems from the fact that I didn't care much for DS9. I found it slow and boring and somewhat cartoonish. Bashir and O'Brien were a snooze-fest whenever they appeared on screen. And the story lines featuring O'Brien's wife Kako and his too-precious daughter were God awful. My optic nerves competed with my auditory nerves to see which one could melt the fastest when those episodes aired, oy!
Oddly enough I found that I actually liked Quark a lot. Typically I would be turned off by a character such as him but he was actually pretty funny and interesting. Shimmerman did a good job of acting the role and the writers gave him some good dialogue and story lines at times. Same with the character of Garak, the Cardassian tailor/spy. He could easily have been an annoying character but the writers did a good job of sewing him into the story while keeping him interesting. (Pardon the tailor pun, ha ha.)
Honestly though, I couldn't give two craps about Bajor and the prophets and all that nonsense. God, that whole plot point was nothing but tedious nonsense. Where is the Death Star when you need it? That's what that Bajor crap had me wondering every week when the show aired.
B5 was definitely more adult in tone and style. There was a palpable sense of darkness and evil that was actually scary compared to what they gave us on DS9. Granted, I could be remembering this wrong but I do think I'm remembering the tone correctly at least. B5 was just more interesting overall. And even though both shows took place on a space station I didn't really see many similarities between them.
At any rate, here is a pic from one of my fave DS9 scenes: