It's based on an ongoing British series of books for young-adults by Robert Muchamore about a group of kids the government has turned into mini spies. But before you have visions of Agent Cody Banks or Alex Rider: Operation Stormbreaker, check out Smith's explanation of what they're going for:
"We're hoping to shoot in the summer. There's a big franchise of books in England called CHERUB and what it is is like a Nikita story. It's about a young kid from a broken family who suddenly realizes that he's an orphan and he's being cared for by the government. We're doing it quite realistically, so instead of the kids, ya' know, jumping out of helicopters and doing that, it's more about how the government uses kids in the same way drug dealers would use kids to traffic things. It's more Bourne Identity than it is James Bond."
And if that doesn't sound enticing enough, he goes on to describe CHERUB as a mix of This is England and The Goonies. I've never read the books, but a mixture of Shane Meadows' grittier side of England and '80s adventure awesomeness sounds like a potent concoction I never knew I wanted but now know I need.
Is anyone out there a fan of the series? If so, hop over to Horror Squad for a bit more on Smith's take on the material, as well as a lot more.