I have to address the whole "pointless remake thing"...I don't know that musicals fall under this category, simply because many different versions of them have existed over the years.
MY FAIR LADY isn't some singular, lightning-in-a-bottle, groundbreaking type film. It's a musical with a fairly simple and straightforward storyline that was adapted from Pygmalion. By nature, that means it's now been performed, oh, thousands upon thousands of times over the years, in high schools, colleges, and community and professional theatre circles alike. Now, Rex Harrison originated the role, and he was GREAT in the film, but let's face it, the man could barely sing. His performance is charming, and great, but hardly perfect. Hepburn was also very good, but somewhat one note throughout most of the movie. If they're going to do something mildly different with the material, I'm actually all for it.