The Flying Guillotines is an upcoming 2010 remake of the 1974 Shaw Brothers classic.
It has a $6-8 million budget, and will be directed by Dante Lam. Besides a cool-looking painted poster (love the retro stuff) there is little information about this film, and even less in English.

Badmovies.org has good fun reviews of The Flying Guillotine and the 1975 Master of the Flying Guillotine. Also see a modern Flying Guillotine in The Machine Girl.