As far as Hollywood logic is concerned, the first Shawshank was and always will be a big failure. Still, it has name recognition, and therefore it would behoove Warner Bros. (which now owns the film rights I think) to redo the thing bigger -- yet shorter -- and with more of a guarantee that it'll appeal to the Academy voters. That might mean adding a few artistic special effects, like those employed in Gump. And to guarantee more of a profit this time, it should be modernized and definitely shot in (or later retrofitted for) 3D.
As for the new cast, I'm thinking Leo DiCaprio in Tim Robbins' role (did you think I'd say Robert Pattinson?) and Morgan Freeman in the Morgan Freeman part (nobody could blame him for being the problem with the first film's appeal). Also, Justin Bieber can make his screen debut as the young illiterate robber originally portrayed by Gil Bellows. This version will certainly make it's money back (if not a whole lot more) and take home the top Oscar (or at least one this time). But I wonder if it'll retain that IMDb status.
If not this, then what other remake announcement do you think would piss the off the most people?