Well, the thing about the Trans Am that worked was that it was futuristic for its time. Then, by adding the roving red Cylon-styled eye via customization, it boosted the cool factor.
Also, at the time, the Hoff was going for that big-curl Tom Jones look where you unbutton your shirt and let your gold chains hang out as you do your singing. Those were the days.
Years ago, they did a show called "Viper" which many of you had seen. The special effects blew Knight Rider out of the water... but it simply didn't last. The storyline wasn't strong enough. I sincerely hope that they're going to take a "re-imagineered" approach to Knight Rider like they did with Battlestar Galactica with potent characters and plots that have you on the edge of your seats. Repeating the old formula with new actors will just make the show tank, like the new Love Boat and the new Fantasy Island remakes. They just didn't work.
I drove a Mustang once, and as much of a fan of pony cars, I'm not sure it's the right call. Bringing a Trans Am wouldn't work for today. And that red 2000 car was an eagle-beaked bar of soap! Various people were driving Trans Ams back then so I suppose the Mustang is a economic parallel.
However, I do note they didn't bring back KITT's original ambiguously gay voice. The new voice doesn't seem very KITT-ish to me. If Starbuck could become female, perhaps the new KITT could have had a sexy voice like C.O.R.A. (Computer Oral Response Activated) from the old Battlestar Galactica series!