Is this them testing the waters for a live action revival, or is this all we can realistically expect?
Many of the original cast have died in the past years so a simple live action revival was never in the books. Rumours of "More Babylon 5 / Crusade" have been floating around for years.
I really liked Babylon 5, despite the many obstacles that were thrown at JMS (even season 2 already was in danger of being canceled so he had to devise a scheme to end the storyline season by season ending. Even season 5 was excellent, showing how characters would cope with life after the big war (you didn't think the war would be lost after builing it up for 4 seasons?). It was and still is the only sf show that tells one storyline over 4/5 seasons. It is also the only sf where there are no "cardboard" villains, everyone had a logical reason to do what s/he did.
I've read about the animated movie being in the cans for weeks. I'm disappointed about the childish quality of it, though. Looks like 2d cardboard cutouts. I think I read that Bruce Boxleitner was a driving force behind the B5 revival, together with JMS. I'll watch the movie since there were quite a few loose ends unanswered at the end of the show(s).