As an older Cubs fan, I actually remember the Cubs having Old Timers Games in the 1960's and 1970's. The games themselves were usually the Cubs Old Timers vs. sort of an All Star team of other retired players form other teams. Unfortunately, most of the players that did return for it weren't really the superstars. (not that we've enjoyed that many, anyway, LOL) Instead, they were more likely to get someone like Don Zimmer, or Roy Smalley to show up.
I think the bottom line is that, like them or hate them (and I lean more towards hating than liking), the Yankees have 2 things that other teams don't seem to have. First off, they have a greater history than any other MLB team, and maybe even better than any professional sports team period. (the Canadiens may be close, perhaps the Celtics, and maybe even the Bears or Packers) And they seem also to have much more of a connection to former players than other teams do. A player is probably much more likely to remember and cherish time spent playing for them than he will playing for other teams. And rightfully so - as the song goes, 'If I can make it there, I'm gonna make it anywhere..."
So while I sort of miss them, I;d rather not see it from my team unless they truly can get the great ones to come back. Line up Santo, Williams, Jenkins, Banks, Sandberg, etc., and I'd love it. But if it ended up being Carmen Fanzone, Al Spangler and Steve Swisher, I'd rather they not even bother.