There are two major reasons why I don't think this project will be successful. One, it has only been three years since Potty Patch hit its peak, and that generally isn't enough time for a Phoenix to rise again. In fact, PottyPatch.com is still live, and the product can aslo be found on the Petco Website.
Two, Emson already tried to bring the concept back, under its Pet Zoom brand, in the summer of 2012. (See No. 6 in this Weekly Round-Up.)
That said, it's possible Telebrands has a different strategy in mind here. I call it the "poor man's [fill in the blank]" strategy. That is to say, perhaps they aren't looking at this as "old gold" but as an opportunity to bring a "poor man's Potty Patch" to market. The Potty Patch is $40. This is $10.
Given another Telebrands $10 'pee product' (Bullseye Pee Pads) is sitting atop the charts right now, that strategy is not without merit.