Money Mansions for all!
I think the closest we've come to capturing the original Looney Tunes feel was during the Spielberg/Warner Bros. collaberations. Some of the best cartoons of the last couple decades came out of that. I wish he'd get interested in animation again.
Wasn't Spielberg a producer on Back in Action?
Not according to IMDB. Back in Action actually wasn't a total disaster. It was fun if you didn't make up your mind to hate it first. (Something I'm trying to avoid with this announcement) It had a kind of Muppet Movie vibe going on.
Now for me, Animaniacs was all about the Warner Brothers (And Sister.) The rest was just filler with varying degrees of success. Of all the one-note bits, Chicken-Boo did the best because it was so aware of it. Buttons and Mindy, not so much. Pinky and the Brain was formulaic too, but it was a good formula. I always dug Slappy Squirrel, personally. Tiny Toons started out so-so but achieved greatness toward the end of its run. Freakazoid holds up astoundingly well, even if the references date it a bit. Prehysteria did what it could under the mandate that like- 90% of all children's programming on any network be blatantly educational.