All I remember about "Sigmund and the Sea Monsters" is that some poor short person in the worst sea monster suit you've ever seen wound up living with a couple of kids, who had to hide it from various authority figures and keep it from getting into trouble, as sea monsters are wont to do. Oh, and one more thing: I loved it with all my heart.
Well, maybe that's a bit strong. Still, it was one of those Saturday morning crapfests that left an indelible mark on my childhood, and now (natch) it's going to become a major motion picture. The question is, will the high-tech, CGI sea monster live up to the version we remember from our youth? And the answer is: No it will not. Still, it should make for a fine starring vehicle for Jason Lee, Breckin Meyer or someone else looking to collect a paycheck.
P.S.: They're also planning a movie of H.R. Pufnstuf, the scariest children's show ever.