Plot stolen from wikipedia:
Dr. Kaff (or Dr. Cops in Korean), an evil scientist bent on world domination, creates an army of giant robots to kidnap world-class athletes and conquer the world. To fight off this attack, Dr. Kim creates Robot Taekwon V. Kim Hoon, the taekwon-do champion eldest son of Dr Kim, pilots Robot Taekwon V either mechanically or through his physical power by merging his taekwon-do movements with the robot. Comic relief is provided by Kim Hoon’s younger brother, elementary school student Kim Cheol. He has fashioned himself as “Tin-Can Robot Cheol” by cutting eyeholes in a tea kettle and wearing it on his head. Kim Hoon’s girlfriend, Yoon Yeong-hee, is a pilot and taekwon-do practitioner. She can also operate Robot Taekwon V with buttons and levers, and pilots Kim Hoon in and out of the robot.
Basically, creator Kim Cheong-gi took the Japanese Mazinger Z, and modified it into a Korean-nationalistic giant robot epic. Sequels were spawned, and money was made. But nothing has happened for a while, until now. A live action Robot Taekwon V is going to be released in 2009. It will be directed by Won Shin-yeon and some effects tests have shown up online.
Looks pretty impressive. I wonder if the will keep the camera angles used there, as it makes it look like another found footage film with the human-held camera impression.