Maybe I'm wrong, but I don't know if Voltron could be successful the way Transformers was, for a number of reasons:
There's no worthwhile rogue's gallery. I watched Voltron as a kid, but I don't remember a single, memorable villain.
Voltron has no personality. Remember watching the Bay films and thinking: why don't the humans shut up so I can enjoy the robots? I wanna see what Optimus and Megatron are thinking, not what Sam and Lennox are thinking. Well, in Voltron, it's all human drama. Imagine the Bay films but the robots never say a single word.
It's too predictable. The five lions go fight an enemy, they can't win as lions, so they merge and win. Every episode did this. Voltron is a deus ex machima to every problem.
The cast options list like every Stephen King film you ever saw: the white leader, the token black guy, the token nerd, the token girl. Unless the cast of the Big Bang Theory are flying the lions, I just won't care about them.
Speaking of flying lions, the entire concept really makes no sense. If the lions can fly, why are they designed like lions? Why not just flying ships?