ITV want to invest in in-house children's programming?! I'll believe that when I see it! I would take this very much with a pinch of salt!
SMTV & CDUK were a 'Blaze' production, iirc they sold the format to Five but they ended up shelving it.
In theory its a good idea, but in reality it would be a complete disaster. Only Ant, Dec & Cat managed to do SMTV and it wasn't until four years later during the second year of Ministry of Mayhem with Holly & Stephen that ITV had even came anywhere capturing the same magic. These big Saturday morning successes are few and far between, and with Ant, Dec & Cat already being legendary when it comes to SMTV, anything else is going to pale in comparison. Fine, go ahead and give them a Saturday morning show but don't expect it to work if its the SMTV name.
CDUK was always Cat Deeley's show, even when Holly Willoughby took over despite there not being big differences in their presentation styles it still wasn't the same. The relaunch of that was an utter disaster, so its best they avoid the same mistakes again.
Theres room for a Saturday morning show though, but maybe they should consider aiming it at the same audience as T4 rather than kids. T4 appears to have gone very flat in the last year or so.