My take? I think it's frustrating to consider another remake of the film while the "original ending" version of the Frank Oz movie still languishes in the vaults, some 23 years after it was consigned there by a bad preview audience.
Still, I look at it this way. O'Brien has optioned the rights to remake the original film, not the musical. There might, indeed, be some value to seeing another take on the material, a take that gets it back to its low-budget shock-comedy roots, with sick humor and buckets of gore. And who knows, it might spur Geffen and/or Warners to pony up the dough it would take to finish the musical right and put it out on BluRay. So, I am cautiously optimistic about this project.