Remake
Maybe someday, someone will make a good version of this story. For me, that means...
1. sticking a lot closer to the original story. Let me amend that... Blade Runner is incredible and is NOT all that close to the original. So yeah, I could buy that, but only if the changes are improvements. That takes excellent writing.
2. Writing some intelligent dialog -- probably mostly for voice-over. I just can't buy Eloi speaking English. I couldn't buy it in Planet Of The Apes either.
3. Hire better actors. Although I think the script, and maybe direction, hurt this more than the lack of ability from the actors.
4. Avoid the small mistakes. E.g. when asked about government, the Eloi says they don't have any. The correct answer is something like, "What's government." And it should also probably be mispronounced.
5. Don't get George Pal for director.
... and the rocks it pummels. - James Berardinelli