Apparently the original idea was to make it a prequel, but it sounds like more of a sequel in this article:
The more I read about this possible story line , the more I cant wait to see it. Lets hope this will the story line
I actually feel the opposite. When I originally heard it was about the events leading up to the abandoned ship and the dead giant thing they found in the original movie I couldn't wait. Such a cool premise to find out about a mysterious part of a great old movie. Was he the pilot? Was he just sending the message? Was he manning a telescope? Did he die during a last ditch attempt at defending his ship with a mounted gun before an alien baby burst from his chest?
That whole setup was intriguing to me, there were 10 directions it could have gone and each one still would have been cool.
Now they're talking about it not having much to do with that story and even throwing in the dreaded word "reboot". I think the only reason I'm hopeful at all is because Ridley Scott is affiliated with it.