I think the Batman legend would benefit very much from a serialized storytelling on a premium cable channel, such as HBO (which, it just so happens, is owned by Time Warner, the parent company of WB). Yes, I know - after the massive success of The Dark Knight, some people may scoff at the idea of Batman heading back to the small screen - but hear me out. I'm not thinking like a studio exec right now. I know this is highly unlikely, but creatively, it's probably the most interesting thing they could do after Nolan's Dark Knight trilogy wraps in July.
I'd make it about ten episodes each season, and I'd make sure to cast a capable but relatively unknown young actor as the Bat. I'd start him off in Year One, but I wouldn't retell the origin story, as Batman's origin story is now as much a part of the pop-culture subconscious as the last son of Krypton or the boy who lived. It's unnecessary. Pick up with Bruce Wayne as Batman, and flesh him and supporting characters out with flashbacks when necessary. Chronological leaps tend to work perfectly in serialized dramatic series, if done correctly.
As for the tone, I'd heed a bit closer to the source material, but still keep it as dark and gritty as possible. The thing about Batman is, you can go basically as dark as you want, and as long as Batman doesn't kill people, it won't seem the least bit out of place. People are already talking about the dark tone of the next Spider-Man film seeming off, and with good reason - that's not who Spider-Man was or is. But Batman has always come from a dark place, and we live in dark times. They shouldn't dream of making him campy, or light hearted, in any way, shape, or form.
I'd keep the more fantastical/scifi elements intact as well, where appropriate. Basically, I wouldn't want it to be as hyperrealistic as Nolan's Gotham, but it shouldn't be too silly and out-there either. I don't think a massive mountain of sentient clay belongs anywhere other than the comics, cartoons, and videogames, but it wouldn't be too crazy to have a criminal mastermind fall into a vat of acid and come out sheet-white, for instance...
Now, as I said, I'm not thinking of this from the business point of view, but even if you stop for a moment and do think of it, it seems feasible that it would be a very profitable enterprise for Time Warner. Sure, a well-done Batman show would be costly. But after seeing the kind of production that has been put together for shows like Boardwalk Empire and Mad Men, I have no doubt it could be accomplished. Even Heroes, that ill-fated superhero show on NBC, had believable special effects and production design, with a budget smaller than HBO would allow for a new marquee series, and twice as many episodes than this hypothetical Batman show would have per season. Point is, you look around TV land, and you see that it would be expensive, but doable, and the rewards would be worth it.
When you consider the fact that HBO right now doesn't really have anything that caters specifically to the 18 - 29 year old, and you consider how many thousands, dare I say MILLIONS of people would become new HBO customers if a promising Batman show began airing on the heels of Nolan's massive films, it seems like common sense that they would want to consider this possibility. Then there's DVD and Blu-Ray sales, and a very good chance that DC Comics would see sales rise as well, and overall, it seems like they could make a TON of money... IF they do it right.
And how great would it be for the fans? Imagine the Gotham City stories that could be told by a talented cast and crew with ten to twelve hours to tell it, instead of two? The possibilities are endless.