I dunno, Ive seen some pretty decent CGI on TV shows these days. So long as the production crews care enough not to cut corners and let is suck, they can pull off some pretty good stuff even on a weekly show.
That is true. If the crew and channel are behind it, they can really work wonders. The Blackwater episode from GoT is a great example of what you can do with CGI when your producers believe in your show (they had to beg above their episode budget to get that battle shot). The only problem is making it pretty costs a lot of money, and the places you really see that investment pay off is in dynamic areas like fire. It is definitely do-able though.
I would honestly rather it go to either a Series like Game of Thrones, or else a well funded Miniseries or something. Short of a Peter Jackson extended edition epic monstrosity, Id be afraid of what they'd have to cut out to fit it all into a feature length film.
I would love to see it picked up by someone that can really make it true to the books like HBO. FX and AMC also wouldn't be terrible places, as they enjoy quirky programming and generally live and let live with fairly modest budgets.
Another format that might be good, depending on how streamlined the story gets, is the way the BBC's Sherlock shoots. They have three episodes a season, but each episode is ~90 minutes long. If you've had the good fortune to watch it, it provides really nice narrative completion as opposed to the cliffhanger at the end of every episode for a weekly series.
It doesn't really matter what happens, as I'll most likely end up watching it no matter public access or premium cable.
Episode costs for some shows because they were interesting:
GoT (HBO): Pilot-$10 million, Per ep. as of S2-$6 million
Boardwalk Empire (HBO): Pilot-$18 million, Per ep-$5 million
Fringe (FOX): Pilot-$10 million, Per ep-$4 million