Honestly, I think the biggest "it depends" is on whether or not it's being run as it was, or being changed drastically.
If it's just being run "as it was," that's really mostly a "put out there with no plans for future development" condition. It may satisfy nostalgic feelings for a while, but it would also not really bring in new players. It would be a dose of pain killer for the wounded community, but it would not be a solution in and of itself. That said, it would always be there, as long as it was supported enough (by the players as much as if not more than the new owners) to not be a money hole for the new owners.
If it is being "re-started" with intent to expand it, it's riskier. It will change. Compare CoH on the day it launched to CoH on the day it was shut down: can you honestly say that they look identical? If the game had shut down in 2004, and in 2012 a new company had bought the IP and released the game with everything up through I24 added in, I imagine there would be a lot of people who'd cry foul, that it wasn't the same game anymore, that they'd "ruined" it with the F2P monetization model and all the new mechanics in Incarnate trials and the like. Heck, CoV would still be new (if not UTTERLY new), and there would be outcry of how it totally isn't the direction the "real" CoH would have gone.
To be fair, any company that bought the IP and restarted it would LIKELY restart it at I23 or I24. That's all ready-made content and material, and they'd need time to familiarize themselves with it anyway. But if they planned to make it a viable, growing game with a healthy, growing community, there WOULD be new development, and it would always be subject to the claims that it's "not what Paragon would have done." Fair or not, true or not (and I think it would be true almost be tautology since it wouldn't BE Paragon running it), it will be said.
If it came back as something to be further developed, it would be interesting to see how well the community accepted it.
I do think the community would be happy to have it back, at first, and for at least a little while - maybe a year or so, before any major updates could be developed and released - we'd "have our game back." It would be up to each of us individually to determine if that's enough, and if what came next was a good change or not.