I saw the reformed Pavement live last year – they were awesome. They took a slightly different approach to their classics, but didn’t really deviate heavily from the formula that earned them so many fans. Some might say that they were that far ahead when they broke up.
So reformed bands can rock. Guess it depends on the band and their mindset.
Having said all that, I’d not seen Pavement live before they broke up, so don’t have a great comparison point.
But you might as well check them out. Better to have loved and lost and all that.