The original starred Bruce Lee as a martial artist hired by the FBI to infiltrate a drug smuggling operation by entering a huge martial arts tournament hosted by the head honcho. It's a seminal kung fu movie and showed studios that a martial arts movie could be extremely profitable, opening the door to making the genre mainstream.
This version, on the other hand is described as:
"...a contemporized drama about a lone FBI agent who pursues a rogue Shaolin monk into the bloody world of underground martial arts fight clubs."
Ok, that sounds kind of similar, but it will take place in the setting of underground fight clubs and it sounds to me like they're shooting for fight scenes reminiscent of those from Fight Club. The goal is to make the action raw and show how brutal Shaolin kung fu can be in a fight.
Another difference is that first time director Kurt Sutter wants a "noir" feel to the film, and that they're not even giving it the same title. This one will be called Awaken the Dragon.
Just the fact that they're not calling the new version Enter the Dragon scores points with me. It's way early but I'll be keeping an eye on this one.
Source: The Movie Blog