My only fear is that those effects (along with the sets and huge cast) might make the show too expensive. That's what doomed the original BG -- it got good ratings, but was too expensive. The new one could do far better ratings-wise than say, Stargate, but still not be profitable.
I believe I have heard the cost per episode ranges in the $1.3 million area (I believe Enterprise is somewhere around $1.6-1.8), and the Bristish Channel Sky One funds a generous portion of that, which will greatly increase the odds of Skiffy deciding to pay for a second season.
Somewhat on topic, does anyone else find it amusing that Skiffy advertises "The Biggest Night in Sci-Fi EVER!" on a channel that is meant for Sci-Fi?