I think it's a film that SHOULD be remade, because we need to have mythology-centered films with modern day special effects! Usually anytime that there's going to be one--"Troy" or "King Arthur"--then they decide to cut out all the mythological elements in favor of a "more realistic" (and often boring) approach. Then we get something like "300" which takes a historical moment and TURNS it into a mythological one thanks to epic historical liberties. (I know, it's based on the graphic novel.)
Anyway, the experience of the original "Clash of the Titans" is tainted due to that annoying as hell comic relief golden owl. It's a very dated film, but could potentially be awesome in the remake.
Plus, it's directed by Louis Leterrier, who directed "The Incredible Hulk" and the Jet Li/Morgan Freeman film "Unleashed" (AKA "Danny the Dog").