It might be cheap, but considering the John Hughes influence, as well as the backlash (not as big of a factor, but still), they seem like they are leaning towards an Allison Reynolds transformation. I'm pretty sure one of the cast members likened Michelle to the character once.
		
		
	 
This is more or less where I'm at with it. Her character, as an original character, was fine. But I would prefer they either: 
A.) Keep her an original character. 
or
B.) Make her full on MJ with Mary Jane's personality. 
I don't want a weird hybrid of a character that kinda but doesn't really act like MJ, and kinda but doesn't really have her name...
Just go all in or fold. None of this halfway crap. 
I'm fine if we have a different race MJ. My favorite things about her weren't that she was a hot white chick with red hair, it was that she was a spunky, take no ***** love interest that wasn't the typcial pining away at home worrying about her man type that was common for female characters in comics. She wasn't the typical damsel in distress. She called Pete out on his flakiness. And they did a good job of developing her from someone who seemed like a one-dimensional party girl into someone who had a lot more to her than that. 
That's the MJ I want to see. If they transform Michelle into that...then I'm fine with it. I just want to see Mary Jane represented well on film for ONCE. Just once. The Raimi films never got her right, and again, if these films want to do something different, that's fine, just make her a completely original character with no connection to Mary Jane.