Yes, this means that Paramount will be attempting another live-action TMNT adventure for 2012 (apparently, Paramount will be hitting up Dora the Explorer for a loan). Good luck to them, the first picture is still one of the best comic book films ever made. It's well-acted, well-paced, surprisingly dark and violent, and contains two spectacular action scenes (the apartment ambush and the climax). Sam Rockwell more or less made his feature debut as one of the head teens in the Foot Clan. Judith Hoag is both funny and hot as April O'Neil, and Elias Koteas, one of my favorite character actors, got his big break as Casey Jones, the hockey-mask wearing vigilante. And thanks to its general lack of topical pop-culture references and popular songs on the soundtrack, it's become a relatively timeless classic.
The franchise is also contains something of a rarity... Michaelangelo is the only character, other than Bruce Lee in Enter the Dragon, to successfully use nunchucks in combat during an American action picture. On the plus side, maybe, just maybe, Warner Bros will exploit this new version by putting out a half-way competent special edition of the original four adventures. Because that cardboard pizza case just didn't cut it.