IGN posted a bit ago:
As first reported last week, producer Joel Silver and Warner Bros. are indeed teaming for a new big-screen version of the cartoon/toy/comic book franchise He-Man and the Masters of the Universe. The producer and the studio previously collaborated on the Matrix and Lethal Weapon franchises, as well as on V for Vendetta and The Reaping.
We can only hope this one makes it further than the last announcement with John Woo.
Anyways, the new IMDB page has little extra info, other than a release date of 2009.