They wouldn't be awesome with 26 episodes. Even with a large budget, story is still why the shows on AMC and HBO do so well. They keep out the fluff that all the networks have to use in order to hit their episode totals and it ends up hurting them in the end.
Yup, that is why network TV is mostly episode shows, where one story happens per episode, and then small little things happen over time, but that is just a small on going thing. Example being most cop shows, the CSI's, Law and Orders and such. They have their place on TV. I use to always watch CSI but just got out of it. I watch Criminal Minds for my "cop show" stuff and that is about it for my TV.
This summer I really started getting into the HBO and AMC stuff. So far I've watched:
Game of Thrones (3 times)
Entourage (2 times)
Breaking Bad (will start again soon)
Boardwalk Empire (on season two right now)
I started watching MadMen but I just couldn't get into that one. Oddly I started watching Flashpoint after watching the first three on my list, and I just couldn't do it anymore. By the 4th show, I was wanting some good story telling, and now just a one episode thing.
I think with the right story it could be done for 26 episodes, but it would have to be the right one with the right people. And I think networks need to get out of their minds that shows need to run 10+ seasons. Let it run 2-4 seasons and come up with something new.