Christ Almighty, wasn't the friggin' Japanese live-action series a big enough disaster?!
I'm of two minds on this, actually. Y'see, unlike most of you, I actually liked Sailor Moon; still do. If they gave Mr. Wheldon a free hand, this could be the most amazing thing ever. I would have killed for Wheldon-style writing and fight scenes in the anime. And he can do it. He did Buffy, he can do this. One of the reasons the live-action Japanese version fell apart was the production values were crud, and nobody could recognize the characters anyways, since they originally looked Caucasian. I'm going to go out on a limb here and say neither of those would be true here.
Or it could suck beyond all reason. Unfortunately, Fox is unlikely to give Joss the free hand, being the TV Critics Employment Network, and in such a situation the depth of the resulting crapitude would probably be beyond mortal comprehension.
* ngtm1r prays for a Super-S setting and Amara.