I count myself as cautiously optimistic for that one. Nicholas Meyer gave us Wrath of Kahn and The Undiscovered Country. Easily my two favorite Star Trek movies, not to mention the obvious Kahn connection. Furthermore, because it is a spin-off rather than proper Star Trek, I do not feel it is really bound to Gene Roddenberry's principles (not that being bound to them is a bad thing, so much as ignoring the principles on something that should be bound by Gene's vision). It also does not have all that much in the way of canon that it is bound by, so there are fewer opportunities for something to screw it up.
If I find out Alex Kurtzman is involved in any way, my cautious optimism will probably give way to just caution. Also it should go without saying, but casting of Kahn will be key. Need someone in really good shape, a big stage presence, and preferably looks either similar to Montalban or I'd be willing to accept someone of Indian descent as that was the original intent for the character as he was original described in Space Seed (before revived) as most likely resembling an Indian Sikh.