Yes, I've seen that first live-action film.. Don't recommend it. It was so bad that.. well it was just bad. Not even funny-bad.

About this movie.. As I said actors look fine by me, at least faces (and I'm huge db-fan). But I'm really worried about their size. Also these guys aren't martial artists, so their fighting won't be very fluent (Some awesome matrix-like shit, no doubt).
I did hear rumours some time ago about the story. Apparently Goku goes some high-school or something and is bullied all the time. But in his spare time he's actually an incredible kung fu- man and trains with his uncle Gohan.. or something. Then there's dragon balls and blah blah .. Bulma .. blah blah, then there's evil army lead by Piccolo, who actually doesn't appear all green, rather human-like, still alien though. And something.. I sure hope it's not true, but it's very likely they won't be going with the original story. My guess is that they'll base the movie on original dragon ball, change stuff (like Goku being 18 or something) and squeeze it to 2 hours.
So yes,DBZ fans are going berserk no doubt, but I try not to take this too seriously.