I heard they were thinking about making a modern version of this a la Transformers and did some research. Found a script review here.

From the gist I got it looks like they're not ignoring the original Japanese Golion and the script has darker tones than the U.S version, In addition to being set very differently.

All I really remember of Voltron was that it had a really pimp sword that it could summon and chop things in half (thanks Robot Chicken). Anyway...thoughts? comments?