Really? I thought PGSM was good... granted, it wasn't catchy at the beginning. But the actors were great and they did a great job and I applaud them for that. In a sense, at least they didn't ruin Sailr Moon's name. They did garner new fans... my only problem with the series would just be Luna. But that's going off topic...
A live action series might work... we might all be complaining about tiny details, knowing us, who like to compare to the original work. Something like, "Kurogane's eyes aren't red" or "The guy acting as Fye isn't good looking enough" or something like that...
but if the storyline is done well and the actors acted well, the series would be enjoyable. That was something I've learnt from PGSM. It may be nothing compared to the original series, but it's still possible for it to be entertaining.
Though if it's American...
I still have doubts over Americans doing something that's from Japan. No offence, but so far I haven't seen one decent show that the Americans adapted from Japan.