I have the, perhaps somewhat unpopular, opinion that this the concept has ruined most TV.
It wasn't Babylon 5 that sparked the trend, but in 2004 Lost, Battlestar Galactica and then later on a few following shows like Prison Break came along and were very successful with the long story arc.
The concept of the seasons-long story arc is now basically endemic in modern TV. I think it's a situation where the highs are higher, but the average is much worse across all TV.
The issue I think is that the writers can't experiment like they could in the past with the more monster-of-the-week type formula.
A bad idea in a modern show is baggage you have to deal with for the rest of the show. In old school TV, the end of the episode came around and erased all sins. It also forces the writers tell a complete story each episode.
Consider Star Trek: TNG. There are a whole pile of really terrible episodes of that show, but there are also amazing ones. I don't think it's possible for a show like Star Trek: Discovery to ever reach the heights of TNG given the baggage it has signed itself up to deal with.