According to comments from a representative of Lions Rock, John Woo is attached to the He-Man and the Masters of the Universe film but he's lost interest in the project. He also announced that a script is in, and Mattel are actively talking with Lions Rock.

From MTV through Moviehole:

"John is attached, but the project isn't a priority or high on his radar. Essentially, [he] lost enthusiasm"...Adam Rifkin (“Detroit Rock City”) has handed in a script for the film but he’s unsure whether or not it would be optioned should the film ultimately get the greenlight

It doesn't sound good. A script that looks shaky and a director who's lost his excitement for a project. I suspect a new script is not the only new thing we might be hearing about on this project.

I just think the time for this film has passed. I can't see He-Man working on the big screen nowadays and it really should stay confined to the cartoon and the one and only movie outing. What do you think?