BW was the first tf series I saw, and it will always hold a special place in my heart, so I will try to keep the bias out of this, but no promises.
The show was written with adult themes as well as for kids. There were references thrown in everywhere, even a Terminator one, and the characters were all so very different, it made the show interesting. If they made a bigger cast, we would end up getting filler characters, who have only one or two episodes to shine, like we did in G1. The rest of the time, they would be faceless cannon fodder.
If it was made today, it would be better visually, but it would also reflect TV of today. Pure crap. It would have to follow today's standards, censorship that would severly reduce the greatness of it. Unless they got the same team that worked on it. I would hate to see BW redone today.
They had to kill of characters so they could introduce new ones without the cost of episodes going up, and it showed the consequances of even small scale fighting. I say leave BW alone, let's see what Animated is like, and get series 1,2 and 3 of BW released here in England so I don't have to import from Australia, along with a multi region TV and DVD player.