Wonder Woman is about how our normal world is invaded by denizens of a more fantastic one, and Diana's job (apart from all the political stuff) is to keep us safe from the various war gods, werecat-brides of plant gods, and ancient sorceresses that are out to dominate us. Both in-text and metatextually, she's meant to bridge between myth and the mundane.
Which is why I would prefer a more fantasy-based approach. Taking out all of those war gods, werecat-brides and ancient sorceresses would take something out of the Wonder Woman character in my opinion. I mean imagine the sort of majestic beauty of The Fountain
and the world of Mordor applied to a Wonder Woman
Vaughn left the project, as far as I know (he's not one for commitment to his superhero projects, it would seem); the original script, from what I've heard, is basically all-Asgard. Of course, once it's been rewritten to be half as expensive, who knows?
That's unfortunate, but I can understand why. I don't see Vaughn as someone who typically likes to work within the confines of the studio-based system.