I liked the show a lot. I am a big fan of the original (even at it's cheesy moments), but I thought the new show had some good moments.
It was set up to fail because of what it was put up against: The Apprentice (fading, but still #32) and CSI (Rated #1), two of the highest rated shows on TV. Against them, Night Stalker was only able to garner a 64th place showing (which, it should be noted, was an improvement over the show it replaced). That also put it fairly close behind shows like Joey (at 58th) and above shows like Everybody Hates Chris (74th) and Veronica Mars (105th).
It should also be noted that the original series also was cancelled, after 20 episodes, which was nearly a full run....and it too got killed in the ratings, by Angie Dickinson's Police Woman.