[Failed Muso]

If Plant, Jones, Page and Bonham Jnr are the line up, a new Zep album would be justified and worthwhile. IMHO.

Level 42 recently reformed with Mark King & Mike Lindup back at the helm and 2nd Level 42 drummer, the awesome Gary Husband on the skins. Mark's brother Nathan now plays guitar. They recorded a new album a couple of years ago, Retroglide, which was a blinding return to form. They are currently on tour too.

As long as the original elements are present and the project is valid and worthwhile, not simply created to generate cash alone, I don't see why it can't be a good thing.

A new Police album would be very high on my list

However, a reformed Spice Girls or Boyzone is just a cash venture. I do have to say though, that the reformation of Take That yielded some quality tunes and may actually have been a good idea.