Oh, Dolph Lundgren as He-Man... funny as Hell!
I loved that movie. It was cheesy goodness at its height and it was based on a cartoon I enjoyed as a kid. Even today it's good for a laugh.
Interesting fact: Courtney Cox was the lead female role (well, the lead female from "our" world).
The new He-Man flick was originally had Ang Lee, the director of HULK... but he's no longer attached (or at least wasn't the last I heard). I think with the success of Transformers we can look forward to a decent story, even if the concept itself is doomed to cheesiness by default.