The bad news: It'll be a live action movie done by the same guys who brought forgettable, low quality horror movie remakes.
I'm probably taking this news a lot harder than I should, but the fact of the matter is, I've wanted a TMNT movie to be done with care and consideration for the source material: the comic books and the TV show. But we saw how careful consideration went into making Transformers 1 & 2.
I'm content to have had at least one decent TMNT movie (1990, New Line Cinema), to fall back on. Then again, I'm still waiting for a better edition of said movie to come out on DVD. I'm sure Eastman and Laird won't even get so much as a phone call or email as far as consultation goes for the new movie, but if Nickelodeon has any stroke at all, they try to make this more like that 1990 movie.
Bottomline, not too happy about this, but at least Uwe Boll isn't involved.