I was a fan of the movie Jason and the Argonauts.
I also think they should not allow any CGI in the movie at all.
I highly doubt they are doing this harryhauesen style. Why get a huge name like Kasdan to do a cheesey lowbudget fantasy?
I think it depends on how they're approaching it. In the spirit of homage and tribute, I'm certain all kinds of big names would jump at a project like this to pay their respects to a legend. Kasdan being on board almost gives me the impression that this is sort of what they're going for.
On the other hand, they could be attempting to flesh out the actual mythology behind Perseus's little quest and are using the CotT namesake to draw in an established audience. I wouldn't mind this scenario so much either since the original is seriously lacking in this department.
Anyway, while it isn't like CotT is some kind of masterwork, I would hate to see them turn it into more sword & sandal schlock for a cash-in.