I've seen the film, and it has amazing cinemaphotography, great shoot em up action, and the quirky good humor Korean films are known for. Not a remake of TGTBTU, but follows the same storyline loosely.
I think the first Wonton Western was made by the Thai's back in 2000. The film was called Fah Talai Jone, or Tears of the Black Tiger, and is definitely in my top 5 favorite westerns. The Thai's are really into the culture of the American West. I once saw a bar in Bangkok that looked like Dodge City circa 1880, right down to the ornate victorian mahogany and brass bar, swinging doors, spitoons, and sawdust on the floor.
Tears of the Black Tiger pretty much blazed the trail for future asian made westerns like Sukiyaki Django from Japan, and The Good, The Bad, The Weird from Korea. I think these asian films are a great tribute to the Spaghetti Western, and hope there are more Wanton Westerns cooking in the cauldron of asian cinema.