It is based on an iconic Japanese animated series called 'Mach GoGoGo' which made its original run in the 1960's, chronicling the ambitions of a young race car driver as he chases racing glory with his state-of-the-art car named 'Mach 5' which was created by his father.
According to Wikipedia:
" Along with 'Astro Boy', 'Space Ace' & 'Gigantor', 'Speed Racer' was one of the earliest anime to ever become popular outside of Japan, specifically the United States. With fast paced storylines, manga-like attributes, and distinct Japanese animation, it developed a substantial fanbase starting with its debut with the U.S.in 1968 and with Melbourne in 1969 (1). The series may seem outdated when compared to the sleeker, faster-paced anime produced today, but Speed Racer still contributes to the early foundation of Japanese animation. It is also the most steadfast anime in the racing genre, though other manga/anime series arose in the genre as well such as 'Initial D' and 'Wangan Midnight'."
Whoa. Anyway, the Hollywood version is almost finished with a scheduled 9th May 2008 release. Fans, hang on to your racing boots, it ain't that far away. Here are a bunch of exclusive photos released all over the net:
And here's the trailer:
Looks overly colorful to me and way too cartoon-ish. But it's the Warchowski Brothers we are talking about here. They can't suck, can they? (note: 'Matrix Revolutions'. Oh God.)