While I still like the CRV concept (X-38), this idea has a lot of merit. It should cost quite a bit less to develop than the proposed OSP (estimated at $12 billion, if memory serves).

From the sounds of it, there really wouldn't be a lot of commonality with the Apollo hardware. The capsule would probably be bigger than Apollo's and use different materials, avionics, software, and propulstion systems, so there would still be substancial R&D costs. The lower crossrange capability does impose higher recovery and ground support facility costs.

However, there's no reason why a significant degree of reusability couldn't be built into a capsule design. At the very least, they could design the avionics to be modular so, after a mission, they could be transferred to another capsule. Another alternative would be to design the capsule with a replaceable or refurbishable (perhaps inflatable) heat shield.