Yes, that glorious movie from the early 80s will be coming back. O.K., O.K., I agree. The lack of mythologically sound plot was a bit irritating; however, I remember it being the gateway into my love for mythology. I was just a kid when it came out, but I remember it looking so real (then again, I also remember the old Hulk shows as looking so real, so my kid views are not entirely reliable). Anyway, should be a good movie.
The script writer seems to be Lawrence Kasden. He's the guy who wrote The Empire Strikes Back script. There is already a script for the remake, Kasden is rewriting it. From what I've been able to glean, the basic plot will be followed, pegasus and all. It is supposed to be darker and more realistic (yeah, it was hard typing the word realistic with this post without laughing too much).
The director has been announce by Variety to be Steve Norrington, who directed Blade and League of Extraordinary Gentlemen. Both of these were a bit cheesy (I still liked LXG) so should do well with this movie!
Harry Hamlin (the actor for Perseus in the original) does not think this should be made. He said that they would never be able to assemble the type of cast that they had so it will never be as good.
The Internet seems to have mixed emotions about it. Some say that CGI technology will make it better, some say that without the claymation, way bother? Me? I'm looking forward to it. We'll have to wait until 2010, though. Just as long as they keep Bubo...