This is a bit old, but there have been a few updates recently.

http://blogs.indiewire.com/theplaylist/archives/italian_actor_franco_nero_says_hes_making_a_spaghetti_western_with_quentin_/

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I still don't have all the pieces of the story (my Tarantino sources have been much more tight-lipped regarding this project than they were on INGLOURIOUS BASTERDS), but here are three things I can confirm: 1) Quentin Tarantino's next film is a spaghetti western, 2) Christoph Waltz is "one of the stars", and 3) that title is completely wrong (even if it got completely mangled by Google Translate, it's still not even close). I cannot confirm plot details at present (though I think I've got the premise). As for Franco Nero, Keith Carradine and Treat Williams, this is the first I've heard of their involvement, but I'm inclined to believe they're in the mix since I've heard the plan is to shoot the film in Italy and Spain later this year. I've been pressing for confirmation since this morning, but have thus far received no responses to my emails. It's probably too on the nose for Tarantino to cast Waltz as a German quick-draw artist ala Gerard Herter in Sergio Sollima's THE BIG GUNDOWN, right? More updates as they (hopefully) come in...

More stuff...apparently it's a remake, spinoff, or sequel to Django.

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Django is a freed slave, who, under the tutelage of a German bounty hunter (played by Christopher Waltz, the evil Nazi officer in Inglorious Basterds) becomes a bad-ass bounty hunter himself, and after assisting Waltz in taking down some bad guys for profit, is helped by Waltz in tracking down his slave wife and liberating her from an evil plantation owner. And that doesn’t even half begin to cover it! This film deals with racism as I’ve rarely seen it handled in a Hollywood film. While it’s 100 percent pure popcorn and revenge flick, it is pure genius in the way it takes on the evil slave owning south. Think of what he did with the Nazis in Inglorious and you’ll get a sense of what he’s doing with slave owners and slave overseers in this one. “I want to explore something that really hasn’t been done. I want to do movies that deal with America’s horrible past with slavery and stuff but do them like spaghetti westerns, not like big issue movies. I want to do them like they’re genre films, but they deal with everything that America has never dealt with because it’s ashamed of it, and other countries don’t really deal with because they don’t feel they have the right to”

Personally, I really like spaghetti westerns, and if it's characters and story are anything like Basterds, you better believe I'm seeing this. The only thing that would make this better is to get Ennio Morricone to do the score. Also it better have cameos for Terrence Hill, Eli Wallach and Jean-Louis Trintignant.

Spaghetti Westerns are mostly Italian made movies about the west. The term is usually used in a negative fashion for the low quality of a lot of the films, but I'd say this is false. Spaghetti westerns are some of the best western movies ever made. The plots are seemingly similar in fashion, usually about (not always) a drifter of some sorts, who doesn't show much of a character, however is usually quick on the draw. He usually comes around to save a town of corruption or some sorts, and while it sounds quite cliche, I'd say there's a lot of pretty good movies out there.

If you're interested in checking out any spaghetti westerns, I reccomend;

The Good the Bad the Ugly - Clint Eastwood, Lee Van Cleef, Eli Wallach
A Fistful of Dollars - Clint Eastwood, Gian Maria Volonté
For a Few Dollar More - Clint Eastwood, Lee Van Cleef
Once Upon a Time in the West - Charles Bronson, Henry Fonda, Jason Robards
The Great Silence - Jean-Louis Trintignant, Klaus Kinski
Compañeros - Franco Nero, Jack Palance
Django -Franco Nero, José Bódalo
My Name is Nobody - Henry Fonda, Terrence Hill
They Call Me Trinity - Terrence Hill, Bud Spencer
Trinity is STILL my Name - Terrence Hill, Bud Spencer

I personally recommend any of those, although a couple are comedies with more slapstick than gun-slinging (Trinity).

Atma wrote:

. Especially "The Ecstasy Of Gold".

Dude, that theme is amazing. That's getting played at my funeral.

Anyways, you've seen the Leone movies, but I definitely suggest you also check out The Great Silence and Django. Also Leone did co-direct My Name is Nobody, which is kind of a parody of spaghetti westerns, but it's still really good.