The latest news doesn't sound all that great; a cross between Night of the Demons and Blair Witch 2: Book of Shadows - sorta.
My feeling is that Raimi has signed this thing over, a little like Carpenter did with The Fog. The ideas might have sounded good, but the execution could suck.
More details on this Evil Dead remake: Teens, Cabin in the woods and Drugs?! - Horror Movie News | Arrow in the Head
We've still got the original on Hi-Def, so no real harm can be done can it?