Damn, I expected this thread to be about "Robocop" or "Red Dawn"... But, no. It's about Shia and Ebert.

Well, just in case, here's all I know about Red Dawn:

It's being worked on by MGM which is also working on the Robocop remake. Carl Ellsworth (Red Eye/Disturbia) was hired to write it, but who knows if he's still on board. Dan Bradley (second unit director - Spider-Man 3, Bourne 3, Quantum of Solace) will direct with Beau Flynn and Tripp Vinson (Journey to the Center of the Earth, Choke, The Exorcism of Emily Rose) producing.

Other than that, it really is too early to tell. They need a script everyone likes first and that takes forever... But IMDB has it listed for a 2010 release - that sounds likely.