Shakespeare is still getting work in Hollywood, and probably always will...
... but I like updated modern Shakespeare when it comes in the form of West Side Story, She's all That, Overboard (all the other million or so Rom-Coms based off of The Taming of the Shrew) and not when the film is modern day with Shakespearean English and... yeah.
Too much of a Juxtaposition for me.
The kind of WWII update of Richard III wasn't bad, but it wasn't really taking Richard II, putting it in a different time, and keeping almost everything else intact.
I guess what I am saying is that it didn't mesh well for me.