Jackie Chan Just Ruined My Day

This news is about a week old, but somehow it's slipped past me until today. Back in November I made a post about a remake of The Karate Kid, which had been retooled as a vehicle for Jaden Smith (Will Smith's son) called The Kung Fu Kid. At the end of that post I wondered who would play Mr. Miyagi in the new film, and today I got my (unfortunate) answer, courtesy of EW.com:

Jaden Smith has found himself a mentor. Jackie Chan will take on Pat Morita's Mr. Miyagi role in Sony Pictures' remake of The Karate Kid. The movie stars 10-year old Smith (The Pursuit of Happyness), who is the son of Will Smith and Jada Pinkett Smith, and will be directed by Harold Zwart (The Pink Panther 2).

Talk about a one-two punch. Not only is Jackie Chan set to defile the legendary Pat Morita, but this movie is being made by the director of the sequel to the poster child for remakes gone horribly wrong? When I first heard about it I was prepared to approach The Kung Fu Kid with cautious optimism, but now all I can feel is a vague sort of disgust.