Greg Farshtey: brought in as a creative consultant.
Story: has several references, similarities, and call-backs to the original -- two brothers, the protectors' similarities to the Turaga, the Toa being summoned to the island, the Toa having amnesia upon their arrival, masks that can control your mind, etc.
Art: we got an entire artbook of concept art, much of which was based on stuff from G1.
Not if he's working with Lego. Which seems to be his goal.
Slime put this pretty well.
There is plenty of reason to assume that, if G2 failed, a G3 would fail (again, if Lego is involved). Maybe Lego has learned from their mistakes. Or maybe not.
Now, don't get me wrong, I'm looking forward to whatever this is. But there's no reason to say it will be good just because Faber's involved. If Lego is involved, we'll probably get sets, but the story might fail for the same reason G2 did. If Lego isn't involved, than the story should be handled well, but it limits what Faber can do.