I wonder if things like the Red Circle revival and the whatever the series is (or was) about the Marvel golden age folks serve two purposes. 1) It keeps trademarks up; 2) It garners the possibility of a hit with a "new" character--the beauty of that new character being that they aren't really new and so already may have a small, but nonetheless existent, fanbase.
There is a segment of the comic book buying public you are guaranteed to sell a first issue of an old character revival to, who won't necessarily buy a new character first issue. Hell, you and I may meet that description.
I think Trey is right as to what is prompting DC to publish such comics, but in the end, these attempts, unless backed up with a good story, will only result in readers like me getting wary of revival attempts.
However poster GACN says that two of the Red Circle comics are worth checking out...
I do encourage people to pick up The Web. Solid writing and art, and The Hangman back up is worth the book.
With that in mind, I thought I would share two issues of the Golden Age MLJ Hangman today.