To be honest, I tend to stay away from the old summoner Icons. However, I still think that they appeal to a large group of people and that their look is very nostalgic.
Sure, they can be recreated, but the old artworks should be kept because of how nostalgic they are. Like listening to the classic Summoner's Rift theme.
I'm quite the collector when it comes to icons, and I do agree that the newer ones look a lot shinier and nice. It's awesome to see somebody in the chat ask you where you got your icon (like the old Battlecast gifting icon - damn it's good!) because of how unique it is. Having a "noob" icon, as I put it, well, people don't do that so often. In fact, you rarely get comments on it.
So, there should be new renditions of the old base icons, but I wouldn't say they're terrible ugly. Their charm just wore off.