First off, sorry to repeat about the COTT DVD release, I missed that you already posted it. I do have reservations as the Olympian gods was one of the strongest points of the original. This is beginning to smell of First Knight. Also, who is this Fleming guy? If he is involved with the film, it is offensive that he refers to it as "cheesy chessboard manipulation".
As for remakes, if there are a direct remake, they pretty much stink, due to the lack of originality. When a film does not attempt to create its own identity, then it will always exist in the shadow of the original, which is usually a classic.