As previously posted by Ernest, Michael Bay and company intend to remake a much loved franchise.  That alone has the horror community bitter and upset, and rightfully so.  One of the bleeding questions, is Robert Englund going return to one of the most famous villian roles in history for another Nightmare.  Unfortunaly, he won't, but it sounds like he had now choice.  Shock Till You Drop reports that Englund isn't included at all:

A number of industry sources recently phoned in to shed some light on the early discussions going on behind-the-scenes regarding "Nightmare"...and none of them include Englund starring as Krueger.

The franchise facelift includes discovering a new actor to polish up the finger knives and play the iconographic dream role Englund has practically made his second skin since '84.

I'll just be simple about this subject.  As much as I love Michael Bay and what he did with Transformers this is really a bad idea.  Why are they wasting time re creating a franchise, that doesn't need to be remade.  Just like most remakes, this is just a waste of time, material and money.  Bay need to stick to Transformers for now, and use all of his resources in creating a franchise that people actually want to see.  Nobody wants Nightmare to be remade.  Not even me, and I don't even care about horror movies, but I have respect for art and Nightmare is timeless art, and that can't be argued.

Overall, Bay should concentrate on Transformers 2, and New Line should concentrate on The Hobbit.

This movie fan is against this remake, and I personally think it will be a failure.

-Phil