Is there any point to covering Jimi Hendrix's PURPLE HAZE? Or remaking CITIZEN KANE?
What are examples of untouchable art?
Conversely, who pulled off the impossible and "covered" what seemed to be a perfect piece of art?
Is the goal to equal or surpass the source material?
Carlos Santana could probably cover the hell out of Purple Haze, assuming he hasn't done it already.
The cinema is a harsher mistress by far: ask the poor fellow who tried remaking Psycho. Or Holloween for that matter. Or the the guys who tried making Pink Panther movies without Sellers.
They have been kicking around the idea of donig a remake of It's a Mad, Mad World for a while now and even the logistics are against them, let alone trying to be as funny as the first one.
The best example I can think of where it worked out was the Cohen Bros. True Grit, which garnered more Oscar nomination than the original.