I've read the first draft script and I can safely say it is lightyears better than the story used for "First Flight".
Unlike First Flight, Hal's origin is not rushed - nor does Sinestro turn evil far too early - as a matter of fact, Sinestro is a really great character in the movie script I read with only a VERY tiny hint that he COULD turn bad.
The yellow element I speak of is the advesary in the script - LEGION. When it is discovered that an enemy using yellow energy has killed a Lantern, Sinestro implors to the guardians that if such a power exists, then the Corpse must weild it too. That is the only hint of his future aspirations.
I feel as long as the basics are kept from the first draft, we will be getting a very fun movie that really does the modern GL comics justice.
I have a copy of the first draft if you would like to read it, but don't know how to go about posting it....