He-Man is silly and has been made redundant by the success of THOR.
In essence, Masters Of The Universe is a roundabout rip off of THOR anyway. The 1987 movie patterned itself after DC Comics New Gods series, and the New Gods were created by Jack Kirby as an attempt to do Marvel's THOR in a purely science fiction setting, with many of the characters getting different names.
"I'm not smart so much as I am not dumb." - Harlan Ellison
I wouldn't say He-Man is redundant though, he has his own line of supporting characters, he has a transformation whereas Thor doesn't, he can't fly or use any elemental powers. His look is completely different to Thor. His abilities are obviously sword based, although the '87 movie had him firing lasers which really suited what they did with that particular movie.
We still haven't seen the transformation angle or Cringer/Battlecat not to mention a whole host of other characters/concepts that weren't given an outing.
The '87 movie by itself did a lot of things right really (which is why I think a re-make hasn't happened yet), Lundgren's look and presence in the role, having 'He-Man' there at the outset, giving a more techy feel to the universe (the cosmic key, lasers), believable Man-At-Arms and Teela, Evil Lynn being sufficiently creepy, The Beastman, Sorceress and the amazing portrayal of Skeletor-no one will top Langella's performance.
Jon M. Chu is in talks to helm Masters Of The Universe, a live-action film based on the signature Mattel toy line that is in high gear at Sony Pictures and Escape Artists.
Talks are just getting underway with Chu, who is in the middle of a 3D conversion on G.I. Joe: Retaliation, and is preparing to shoot a couple of new scenes for the film, which was pushed to a March 29, 2013 release by Paramount. The Masters film revolves around He-Man, a prince who transforms into a warrior and becomes the last hope for a magical world that has been ravaged by the sinister Skeletor.
Escape Artists sparked to a strong script turned in by the writing team of Alex Litvak and Mike Finch. Litvak scripted The Three Musketeers and Five Against a Bullet, and Finch scripted Exclusively Yours. The scribes developed the script under the title Grayskull, but it has gone back to the Mattel brand.
Escape Artistsí partners Todd Black, Jason Blumenthal and Steve Tisch are producing. Chu is repped by WME and Principato-Young.