In the original story, "Flash was a handsome polo player who is kidnapped and taken to the planet Mongo. He is pitted against an evil ruler named Ming the Merciless." Some of the other incarnations of Flash included making him a football player, and a hover-boarding teen in the 90's (um, OK). In 2007, the Sci-Fi channel also attempted to reboot the series with Eric Johnson in the lead, but the series was canceled shortly after.
Believe me, I know the 1980 film was a total flop, and most of it looked like it was conceived on a mushroom trip. But how you can say no to flying hawk men, Timothy Dalton dressed like Robin Hood while in a fight to the death, and Max Von Sydow in a skull cap? Eisner also has two other remakes in the works, including an update of The Creature From the Black Lagoon and a remake of George Romero's The Crazies. It is still early days for the update, but now that Iron Man has proven to be one of the big hits of the summer, every studio will be looking for the next major superhero franchise. Could Flash Gordon be it?