One of my best friends is a huge Gundam fan and his opinion is that if this movie ever gets made, at least it won't be as bad as G-Saviour, the other live-action Gundam movie.
If this movie ever gets released, it will be probably be garbage. But I really do think that a live-action adaptation of the original Gundam 0079 movie trilogy could work, if the creators understood that the series' main message isn't "giant robots are rad," but that "war fucking sucks." Yes, the series loves its robots, but Gundam separated itself from other giant robot shows from its time by being a serious sci-fi war story. I could easily see Char Aznable becoming a audience favorite a la Loki with the right actor.