I recently read the 1985 mini-series and found it really interesting, though it's better at posing moral questions than resolving them. But it made me interested enough in the characters to check out JMS's Max series: Supreme Power, which was just absolutely phenomenal. Just don't get too attached (like I did), it was cancelled before its time.
Both are worth a read depending on your tastes (1985 is the Bronze Age personified, and the JMS run is downright Kafkaesque).
After I binged on both, I've become a massive Squadron cheerleader. Comparing them to the Justice League or the Crime Syndicate misses the point. They are Marvel's version of the Justice League in essentially the same way that the Watchmen were Alan Moore's Charlton Comics characters. Which is to say: subversive, complex, and fascinating in their right.
Ya I worry I will get so into it right before it is ended. This is a team that deserves it's own ongoing series. Honestly too, I think this Universe is perfect for an animated movie or even a live action movie/series.
Absolutely. The broad strokes of the '85 series would make a great gritty short-run TV series on HBO or something. All it needs is a bit of streamlining and some modernizing of the tone/character designs. Just the philosophical implications of the B-Mod Machine alone make it a story worth adapting.
As for the Max series, it's a different animal entirely, but just really amazing. I did feel like it was losing steam before cancellation, but then it started to perk up again right before the cliffhanger ending. The worst part was that I didn't know it had been cancelled at first, so I didn't see the end coming. That's part of the reason I made sure to mention it here. It's a really great series, but everyone should know going in that it isn't complete.