I caught the last half and hour or so of this in the States.
It looks very true to the original in terms of not being really serious about the acting or scripting.
I'm not sure if that's a good or bad thing but I guess they couldn't really have done a Battlestar Galactica here so it's probably fair.
I felt KITT really didn't have the right 'personality' compared to the original, lacking the wit. However, the scene where 'The Hoff' and the new Michael Knight guy try to out-bad act each other was pricelessly funny.
So yeah, watch it for sure if you were a fan when it's on, unless it was on over here at the same time and you all already did.