In 3-D of course.
I suppose it's fine to revamp familiar stories for new audiences, but I really feel like this one is a bad idea.
There are those few movies that are just so perfect in terms of the alchemy of movie-making that they can never be repeated. All the elements fell into place for OZ and it emanates a sense of wonder and magic that is timeless.
But after the huge success that is Tim Burton's Alice In Wonderland I bet that it will make a ton of cash.
Link
....but the world goes 'round