As long as Will Smith never makes a Hancock 2, I am okay with this.
Okay, I'm really NOT okay with this and it has nothing to do with any sanctity I have for the original Karate Kid. I just don't think The Karate Kid was a good enough movie that a remake is warranted. Just make something new with the same plot. Movies have been using the plot of 'bullied kid gains strength and learns how to protect himself' for a long time now. Why remake somthing that is, admitted even by the creaters of The Karate Kid, heavily borrowed subject material?
But as long as this keeps WIll Smith from reading a script for Hancock 2, more power to him. Hell, let him remake EVERY cliched movie that ever existed as long as Hancock 2 stays off his itinerary.