Slicker technology doesn't necessarily equate to a better all around final product. As proof of that to myself, I just spent ten minutes typing in a reply on my iPad, only to accidentally touch a wrong spot on the screen and entirely lose what I had typed.
For me, the special effects in B5 that are the worst to watch are the ones that weren't very good to begin with. Joe's stories are invariably character and plot driven; the effects are there to support them; they do not overwhelm to the point where they drive the story to accommodate vast amounts of special effects. I cannot say the same of other directors *cough* Jackson *cough* who become so wrapped up in the spectacle of what can be done with CGI, they abandon a perfectly good story and characters to the mercies of FX. I have long wished that Joe had been the one to adapt LotR for the big screen, because he had already proved his skill in dealing respectfully with the work of others (and IMHO, he already had more love for and respect of Tolkien's works). But that's another kettle of fish. The series still views quite well.
It occurs to me that my earlier analogy of Lorien as Eru/Valar can be drawn more broadly to encompass much of the structure of B5. The Vorlons and Shadows are like the Ainur, attempting to guide the younger races to their own purposes for good or evil. The Minbari are much like the Elves, the Firstborn, who went to war against the evil Ainur, the Shadows, long ago, and only survived because of the intervention of a human who became an Elf (Minbari -- I'd never thought of Valen/Sinclair as Earendil before, but I can see some influences).
And let us never forget that "It was the Third Age of Mankind." That hit me over the head right from the get-go.