If this can be made on almost no budget, Dimension has definitely been doing the sequels wrong.
Director Mike Le Han's most prominent directorial credits are on various UK true-crime reconstruction shows. With the aid of concept artist Paul Gerrard (Wrath of the Titans, Seventh Son) he has done one hell of a lot more than simply reconstructing Clive Barker's world. Think Hellraiser meets Silent Hill meets whatever other Japanese video games have depicted Hell over the years.
Since this was put together, Barker himself got the go-ahead to write a new script, so the odds of this particular version happening are slim. But what could have been is fascinating - and suggests a lot of potential even if the Weinsteins don't go super huge with the funding.