I've been burned by this at least seven times before (The TNT movies, Legend of the Rangers, Crusade, The Memory of Shadows, Lost Tales, and the abortive reboot from two years back) that I know of, and probably a few more that I don't know about, so I don't honestly believe that Babylon 5 is coming back.
That said, JMS has said that B5 is coming back as a big-screen movie with a $100-200 million budget by the end of 2016.
As it happens, Warners owns B5 *except for the movie rights,* which JMS always held on to. He's tired of screwing around with Warners, and has announced that he will be making a movie with or without them. Ideally with, but word is that if they don't step up in a reasonable amount of time, he'll take it to the first studio that meets his demands.
Assuming I had any faith this was gonna' happen, then on the heels of The Road Warrior stuff below, this would be a pretty damned good day to be Kevin Long. As it happens, I don't think it'll move forward, and I'll end up burned an eighth time. Still.