even after Speed Racer, they're very loyal to Warner Bros.
True.
Like you said .. even after Speed Racer they're still loyal to WB. And why not. WB has given them quite alot of freedom with their projects. Did it always work out ? Nope. But it doesn't change the fact that the Wachowski's have a good relationship with WB.
And i think that this may be a factor in them not winding up directed Cowboy Bebob. For starters the project is up at Fox.
We all know what kind of rep. Fox has with commercial projects. As far as i know , i've seen two Keanu movies that have been made at Fox. Street KIngs and The Day The Earth Stood Still. Street KIngs was surprisingly fun but i was disappointed with The Day THe Earth Stood Still.
So it's really a question of just how much freedom Fox will give to the director of Cowboy Bebob.
It's pretty much guarenteed that the movie will be PG-13 . Let's face it , this is Fox.

If this project were up at the WB , there might have been a chance that we would see this as an R rated feature.
Despite that i think they can faithfully make a Cowbow Bebob movie with all the action. Movies like Casino Royale and Quantum Of Solace have shown that you can have pretty brutal action and still maintain a Pg-13 rating.
I also have a question. Didn''t the MPAA say that any future movie that has the actors smoking in it , will automatically be R rated. I could've sworn i read that the somewhere.

So i guess we won't be seeing Keanu smoking then
