They recently sat down with the project's producer Ryan Kavanaugh. In regards to the current script he stated:
The script is great. We're very excited about it. The Crow is definitely going to happen, we're just getting all the pieces together right now. It's not officially greenlit, but it's going to happen... I think in a couple months we could have the package together for sure.
Kavanaugh also talked about the makeup that will be worn by this film's title character:
No, totally different... He'll have makeup, but it will be different. The best way to compare it is the first Batman and Batman Begins. In terms of their look and feel and character.
We will have more information on this project as the story continues to develop.