Um, I can't think of any glaring similarities in "Theatre of Blood" and "Saw." Now, "The Abominable Dr. Phibes," on the other hand, has way more than a little bit in common with both films.
As for a remake, my stance is that if a filmmaker can simultaneously bring something new to the table while paying homage to the original, there's nothing wrong with remakes. I mean, "The Thing," "The Fly," "Cape Fear," "House on Haunted Hill" and "House of Wax" are all films made more than once which co-exist quite well. Unfortunately, we've had such an onslaught of inferior horror remakes for the past decade that ALL remakes seem to be getting a bad rap.
There are definitely improvements that could be made to the tale of Edward Lionheart. The pace is off in spots, several segments are campier than they should be (though I doubt anyone could pull off poodle pies without seeming overtly campy...), and there's some lapses in logic. Unfortunately, finding an actor to replace Price would be a daunting task, and few filmmakers have been able to successfully pull off the tightrope-act of merging horror and humor in recent years. And with that in mind, probably best to leave it alone.
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