After going through all of the pages of this thread, I have only one thing to say...
Lighten Up People
Now, I am obviously taking the unpopular stance here, but I grew up on Looney Toons as well. Perhaps more then many of you since, when I was a child, there was nowhere near the variety to choose from that we have today. Some of the old tunes I loved, some I was not so fond of. All of the Looney Tunes (even the hateful Tweety) have a special place in my heart.
This new show can not threaten that just as the new Duck Dodgers show, which I consider to be a pale imitation of the original, does not lessen the original Daffy cartoons.
I'm not sure what's in store for the new look toons, but I am willing to give them a try. If I don't like them, then I will consider it a failed experiment and not watch it. I will still watch the classic toons, though, and my enjoyment of them will not be diminished in the least. Whether I like it or not, though, it will stand or fall on its own merits.
On the other hand, if I simply dismissed any attempt to change my impressions of a favorite genre, how would I have ever accepted anime in the first place? By immediately rejecting the new Loonatics, are we not guilty of the same behavior we lament when our family and friends dismiss anime with out even watching a single episode?