A few years ago this would have been huge news to me. Will Smith is fun to watch in almost everything and I have liked movies M. Night Shayamalan that others don't, such as Contact. the problem is that Will Smith is in no way a guarentee a movie will be good, and in recent years M. Night seems to have been a guarantee a movie won't be good, taking something like The Last Airbender which should have been a great movie and making something sub par.
The other thing that should excite me is that the movie appears to be an original story not one taken from a comic book, short story, TV series or rewriting a movie. This is very rare in recent years and frustrating for someone like me who reads other media because I often know the story before it is in movies.
The working title of the movie seems to be one thousand A.E. The idea seem to be that the Earth got used up and abandoned a thousand years before and in the story a son, played by Jaden Smith and his father, played by Will Smith, return to the world due to a crashed space ship. Not the most original premise of a movie ever, but more original than many and M. Night Shyamalan has always had the ability to put a unique twist on stories, even if that twist was not always good.
M. Night Shyamalan needs this movie to be good, and convincing people is not likely to be easy. At this point people are so annoyed with him they are looking for reasons to dislike his movies, and if he can't make it work this time with one of the biggest stars in the world it's hard to imagine him being given a lot more chances.