I've always found Clash of the Titans to be one of the weaker Ray Harryhausen films, though it also has one of his best creations, the Medusa sequence.
News today that screenwriter Lawrence Kasdan (Raiders of the Lost Ark, The Empire Strikes Back) has signed on to write the remake of Clash of the Titans for Warner Bros. I'd rather see them make Force of Trojans which Ray Harryhausen tried to set up with ILM a while ago. The first draft of the screenplay dates back to around 1983 and this project gets mentioned in the Art of Ray Harryhausen book.
They'll never top Harryhausen's Medusa for style !