Since Bruce, Raimi and Tapert are all heavily involved in this film and financing it with their own money, I don't think we're going to end up with a horrible film. I think we might be heartbroken to discover a terribly average film moreso than a horrible film.
Again, I suspect Raimi has alterior motives for doing this, as this is something that he's obviously been planning for a bit. The fact that he got all three onboard to help produce this remake, especially Bruce, means that they're planning on doing something to reward the fans.
My speculation?
We'll see Raimi direct an Evil Dead film and Bruce Campbell star in one too. Why not the first one? I think Raimi doesn't want to go back to the damn cabin, a place where he spent two rolls of film on already. And I think Campbell has hesitations about starring as Ash given his age. I think when a sequel rolls around, with real continuity this time, I believe we'll see Raimi pull out the director's chair once more.
... I don't think Raimi will direct an Evil Dead flick unless it's a completely original idea. Maybe he thinks this is akin to remaking cult Japanese horror flicks, and moving forward from there.
Again, I think there's more to the story than first reported.