I'm torn about this. I love KITH and have great memories of the original series (I still quote "I'm crushing your head!" from time to time), but why not let the classic series stand on its own, instead of reviving it for nostalgia's sake? (Although I guess the same could be said for a lot of shows these days...)
One of the things I admire about David Cross & Bob Odinkirk was that, when they got a Netflix deal a while back, they didn't feel compelled to revive "Mr. Show" or make a new show in the old show's image. I'm hoping KITH follow suit to a certain degree.