An Evil Dead remake is a reality. As much as remakes are the work of the Devil, this particular one reunites the original team, so it gets a pass. Also, it's Evil Dead. It won't be the Evil Dead you know, however. Bruce Campbell confirmed in his Twitter feed that there is "no Ash character currently," a reference to his character and previous series protagonist Ashley "Ash" Williams.
I'm willing to give just everything associated with the project the benefit of the doubt for now, and I'm basing that entirely on the fact that Campbell, Sam Raimi and Rob Tapert are returning to produce. If first-time writer/director Fede Alvarez came at those guys with something intriguing enough to make them say "yes," I'll remain excited for this until/unless actual footage gives me reason to think otherwise.
That footage may be arriving sooner than you think, too. Campbell also confirmed that shooting will begin sometime in early 2012.