I would welcome a new version if the basic elements that made the show a success in the first place were utilized. Dr. Frankenfurter is the character that, if you don't get it right, then it doesn't matter if the rest of the actors are fab. I agree with Kad and Jordan that the role of Dr. F. was miscast. I must agree. Adam Lambert would have made a perfect Dr. F., but I gather he wasn't interested in that role. In a time where we have seen some glaringly misguided film projects (the most recent Stonewall or the upcoming Nina Simone biopic come to mind), I believe that the producers missed the boat on this Rocky. More power to you if you like these casting choices.
"Noel [Coward] and I were in Paris once. Adjoining rooms, of course. One night, I felt mischievous, so I knocked on Noel's door, and he asked, 'Who is it?' I lowered my voice and said 'Hotel detective. Have you got a gentleman in your room?' He answered, 'Just a minute, I'll ask him.'" (Beatrice Lillie)