The new film is called "The Fall of Humanity," and is a collaborative effort with Yim Pil-sung, a director who we're unfamiliar with but who has made some awesome-sounding movies (one of his films, "Heaven's Creation," is about a robot who works in a temple and becomes self-aware). The exact nature of the collaboration is unknown, although the iffy Google translation from the original South Korean news report suggests the project might be an anthology.
Whatever "The Fall of Humanity" (what a great title, huh?) ends up being, you can be sure we're excited about it. Kim Ji-Woon seems like the type of director who can weather the experience of working in Hollywood and, if "The Last Stand" proves to be something that isn't all that great, he can return to his home country and knock another one of the park. All that said, we can't wait to see what he does with Arnold, either.