Unfortunately... if BMW does produce a Triumph, the design will need to incorporate safety features like airbags, crush zones, anti-submarine technology, and be wind-tunnel friendly. They can never duplicate the classic Triumphs... only take styling cues from them.
Look at how beautiful Harry's TR3 looks compared to his Sky (above). In my eye, these classics are simply works of art made back in the days of few constraints. Designers really could express themselves.
That's not to say that I don't like modern cars (Lotus Elise!), but rather they are a different genre. So, although it might be nice to bring production cars back under this marque, perhaps it would just be a re-skined Z4 with a TR badge and stying cues. The Z4 is a fantastic car, but I don't see myself peeking out the kitchen window just to sneak a look at it.
I'll wait and see what happens, but I am not overly excited about it.