I have four copies of Casablanca, an old one in Beta format, another in VHS, a DVD with extras, and a colorized version of it.
In principle, I don't mind people doing remakes of old or classic films. Remakes are generally hit or miss.
I have to agree that it would really be a bad idea to remake this movie, especially if it's going to be set in Iraq.
As for Madonna's movie career, she's been in what I believe are some good films and bad ones. I like the way she played Evita Peron and her role in the women baseball players movie (which I unfortunately can't recall the title right now!)