Recognize them? Yes. Popular? Not quite. Sure, if there is another Looney Tunes movie, the kids will go see it. That doesn't mean that they like it as much as Spongebob or Avatar. Mainly because they're generation hasn't been as exposed to Looney Tunes as we were with The Bugs and Daffy Show and reruns on Cartoon Network. I was lucky enough to grow up watching the informative Toon Heads block until it was scrubbed in 2001.
Also, if were talking the ACTUAL Looney Tunes from the 30's-50's, a lot of them don't hold up as well that well with younger audiences. When I was very young I couldn't understand how Looney Tunes was funny outside of a few humorous gestures and Mel Blanc's voice. Now I'm 23 and they're the funniest thing in the world to me. Also, considering how the politically correct the world is becoming and how many LTs they've had to cut from television (namely all of Speedy Gonzales), LT is pretty much off the big networks making it harder for younger audiences to get into it.
But that's exactly what I want. I want Looney Tunes to come back to Cartoon Network. We've already taken a step in the right direction by bringing back Bugs Day to CN.