The blu-ray release of Farscape has standard definition video from the 576i PAL video master tapes, so it presents only a marginal (but noticeable) improvement over the DVD (the sound, however is in DTS-MA and is a distinct improvement over anything else). There was no real restoration involved, only a good mastering of the best available source of the completed episodes, as all of the visual effects were rendered in standard def.
Babylon 5 presents another problem entirely. Ever since the DVDs, the shows have been cropped to 16:9, supposedly the way the series was “always intended” (sound familiar?). This not only makes all the zoomed in special effects shots look godawful, it compromises the compositions of the filmed portions as well. There are several episodes where it is clear that there is supposed to be more picture information above and below the frame.
A blu-ray release would either have to involve re-rendering all of the special effects sequences for high def (which would most likely be cost prohibitive), or they'd have to go the Farscape route, and present the shows in standard def in the aspect ratio they were originally aired in. I would love it if they did the latter, but I don't really think it would ever happen.