My problem with the 'serious' take on Mortal Kombat is that it's fanfiction. That's not to say it's bad, because I've seen some pretty good fanfiction in my day, but it is what it is. Hell, it's right there in the origins, it started off as a 'fan'film. It's no different then those stories you see floating around on the internet where people took their favourite anime show but said 'what if they were all in high school together!?'. And yeah, it's nice to explore alternate realities, or see somebody else's take on a series, especially if it's well done, but it's still fanfiction. It shouldn't be getting elevated above the status of the real thing, and by letting the guy make a movie based on his fanfiction vision, that is exactly what they're doing.
And, from a personal standpoint, while I wouldn't say the fanfilm was bad, I certainly didn't like it on a personal level. They took my favourite characters (Reptile, Baraka, and Scorpion), took out all the things about them that I liked, and made them 100% unrecognizable to me.
Ultimately, the fans should never be the ones to be making anything, because fans can never actually agree on how something should be. Clearly, the director thinks Mortal Kombat should be gritty and realistic. Personally, I side a bit closer to Bob, in that I think it should be filled with magical ninjas and bicycle kicks (though maybe not QUITE as over the top as he's describing it).