Director-wise, nobody's wanting to touch this. So far, I think the only person who's even remotely been interested is Joe Johnston. Seems like Favreau didn't turn it down when he was asked. Then again, maybe someone else is just being coy--like Brad Bird. Of the top directors out there who could realistically take it, Joe Johnston's probably my favorite contender.

He's got a unique background: he was heavily involved in the original Star Wars trilogy and he's since become a very capable director in his own right. I think he'd be level-headed about Star Wars because he's already dealt with the pressure of delivering good Star Wars and lived to tell about it. Any other director would probably be terrified of the fan backlash or the nerdgasm from accepting the job. For Joe, it's a natural progression from art director to director.

Also, I've felt Johnston's work was either informed by Star Wars or a lot of his sensibilities informed Star Wars, somehow. I wouldn't be disappointed if he were chosen to direct VII at all. I think a lot of fans would be let down by his work because they would be regardless. However, I think he has the greatest chance of bringing back the magic of the OT of anyone else out there. At the very least, I would hope he'd create some of his own concept art. McQuarrie's was the best, but his work wasn't far behind.

They just destroyed my dream, if I'd made it into the industry - get the whole stock of original footage and do a full, total, utter re-edit of Episodes 1,2 & 3 including new dialogue (CGI'd lipsynched) and a fair bit of genocide on Naboo.

//spoiler// the tie in video game would see players roaming through the original footage, blasting every last pixel of Jar Jar Binks from existence.

It's not even like Lucas needed the cash. (edit - although someone mentioned he'd already screwed it, and maybe Disney might actually be the saving grace... maybe... )