Other directors who met with Cameron about the film included Timur Bekmambetov, Darren Aronofsky, Louis Leterrier and Jonathan Mostow. Paul Greengrass (Bourne 2-3, Green Zone) had been attached to the project at one point and it was rumored Cameron wanted Leterrier (Clash of The Titans, Incredible Hulk) to direct. I really have zero interest or expectations with this remake. Hopefully it ends up a fun adventure film either way.
Having James Cameron on board as a producer doesn't mean a film will be as good as one of his. Sanctum, which Cameron produced hasn't been doing well with critics or audiences. His silly promotional stunts (holding interviews underwater) gave hints about the quality of the film. While Levy isn't a proven action director outside his kids films he could do very well with a solid script from Laeta. Along with a decent cast and help from a solid special effects/3D camera team.