I love classic Looney Tunes, but I also like all the reincarnations of the characters. Cartoons are made for the times. Tiny Toons was testing the limits of the censors of the 90's. Lunatics Unleashed took on the action slapstick craze of the early 2000's.
The Looney Tunes Show does a great job at appealing to it's target audience, today's kids. Making it appealing to veteran cartoon enthusiast is just a plus, as only true fans get all the little subtle sidelines and jokes.
I can say the same thing for Thundercats (TMNT, Voltron Force, Speed Racer). Once you put aside the old story lines, the show is actually pretty fantastic.
I rather see there classic characters get a fresh start then to die a horrible death of being forgotten because the target audience grew too old for cartoons. I'm always happy when kids have a scooby doo toy from watching Mysteries Incorporated.
I will admit though, I'm happy there wasn't a reincarnation of Looney Tunes when card games were the craze....*shudder* (Wile E. Coyote: I summon giant boulder in attack mode!....attack fail and rebounded!)