Sadly, something like Babylon 5 would only be possible if a studio was willing to make a long-term commitment (5 years in the case of Bab 5 and even that got dicey) to a show, and allow full creative control to one person -- since everything was in JMS's head, and everything came from it, Bab 5 had a coherence simply impossible in any other "franchise" or "universe" that springs from multiple sources.
The closest equivalent I can imagine today would be if someone allowed Joss Whedon full licence to run with Firefly/Serenity, which from what little we have seen shows there was the possibility of larger arcs, but as we all know the TV show was cut down even before a full season, and I don't hold my breath for any sequels to the movie, much as I would like them.
The sad fact is that in an environment dominated by ratings and sweeps, no network is going to have the patience (and cojones) to allow a single writer/producer the leeway JMS got with Babylon 5. And we're all that much poorer for it.
The closest equivalent I can imagine today would be if someone allowed Joss Whedon full licence to run with Firefly/Serenity, which from what little we have seen shows there was the possibility of larger arcs, but as we all know the TV show was cut down even before a full season, and I don't hold my breath for any sequels to the movie, much as I would like them.
The sad fact is that in an environment dominated by ratings and sweeps, no network is going to have the patience (and cojones) to allow a single writer/producer the leeway JMS got with Babylon 5. And we're all that much poorer for it.




