If this happens I am HERE for it. I'm a huge lover of sci-fi, and in fact lot of sci-fi series have soapy elements to them, including Star Trek (especially Next Gen and DS9), Stargate SG-1/Atlantis, Farscape, and my beloved, gone-far-too-soon Firefly (which was essentially a Western). Then again though, the soap stuff usually takes a backseat to, ya know, like, aliens. I can't wait to hear Hallmark's version of technobabble.
I'm kind of predicting this will be like WCtH, since if it takes place in a "colony" that probably means somewhat primitive conditions. They can just pretend it's a historical drama but no one can complain about period accuracy, because it's technically taking place in the future. They might even film it on the WCtH set, since that series might be done (it should have been done two years ago) by the time this is ready to film.