I love the characters and stories too much to let them go completely. A new imagining I would definitely love to see, encorporating new AND old storylines with tight plots and dialogue. I'm not sure a Next Generation idea would work because there are too many things from the original series that would still be affecting the "future".
Live on tape. George Clooney did this with Fail Safe. I'll bet actors would go berserk over it.
I see I'm the only one to have voted for a spinoff.