In an issue of Toy Fare a couple months back, there is an interview with Justin marks, who it would seem is working quite hard on the screenplay. Based on the interview, it sounds like they are trying to stay true to the original cartoon.
Also, it would seem the previous post with the video is Kaare Andrewsкомпютри.
Kaare Andrews explained to He-Man.org the purpose of this clip:
“This is a kind of conceptual piece for a live action film. This is a new technology I call Go-Cons or ‘animated conceptual paintings’ and represents the tone and scope of the world, not the actual end product. It was pulled together in a little over a week with a small (but talented) team. Just imagine this as an epic live action feature with a budget and full team.”