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The success of the show was primarily K.I.T.T the car (a vehicle still dripping with cool over 20 years later), but I also think the chemistry between Michael Knight (Hoff) and K.I.T.T (William Daniels' voice) was also a big draw. I sometimes catch repeats of the show on TV and can see the weakness of the actual plots, but the Hoff/KITT dynamic is still pretty strong.
A film version of Knight Rider has been in development hell since the 90s (and, indeed, there have been a few attempts at revamping the concept in failed TV pilots and TV-Movies), but it's the big-budget Hollywood adaptation fans are after. David Hassellhoff has recently stated he'd like to star in the film with Orlando Bloom as his son, but I don't think that's likely to happen! I'm sure The Hoff will be involved, though (a great cameo surely beckons), and I'll be very disappointed if they re-voice KITT!
Ain't It Cool News recently released some concept art for the movie-version KITT (see above), but it could just be some fan art. Either way, it looks pretty decent and is certainly a redesign I could live with. Yes, I know... this is another remake of a TV show... and they almost always fail... but sometimes nostalgia clouds your thinking... so I'm really hoping they pull this off!