the karate kid remake?

I don't get it. It's been rumored on several movie sites that Jackie Chan and Will Smith could be teaming up for remake of The Karate Kid: Jackie Chan And Will Smith Teaming For A KARATE KID Remake? Yes, you read that right.

Han Sanping of China Film recently announced that one of the films he's trying to set up in co-production with Hollywood studios is a Karate Kid remake, with Will Smith's son Jaden as Daniel-san, Jackie Chan or Stephen Chow as the Miyagi character, and Will Smith as the main villain. They'd probably call it The Kung Fu Kid.

I'm sorry, but what kind of crack are these people smoking? Does this movie really need to be remade? Hell, hasn't it already been remade in some form or another? It's not as though the original movie was all that, well, original in the first place. Still, the thought of seeing Stephen Chow beating a kid into shape with some serious Shaolin-style training sounds kind of fun...