I have a lot of really mixed feelings on this.
On one hand, holy crap. Faber is one of the people behind what made Bionicle G1 so freaking good, and I trust that he would be able to do something that keeps the original spirit intact while still being unique. The somewhat more sci-fi looking title (but still with distinctly tribal-looking elements in back) has me quite intrigued, too.
The description on the original post, particularly the bit about "What if there is an undiscovered way back? A secret path to reset destiny." sounds insanely promising. I could even see it implying a Days Of Future Past sort of setup, or at least a take on the story inspired by a 'what-if' scenario. A G3 taking place in a version of the G1 world but where the Shattering never happened, for example, could be very different but still very interesting. Even setting all that aside, I would also love to see a more traditional sort of reboot, too. I think it can be done; it's all down to execution, and again, I trust Faber would be able to pull it off.
(I'm also one of the people who, while taking issue with how G2 was handled, doesn't think it was the worst thing ever. It just needed some better fleshing-out and more of a marketing push. If the story team had had more time to sort some things out, Lego as a whole was more interested in pushing it, and the timing hadn't coincided with Star Wars' hype train steamrolling everything, I think it could have worked.)
With all that being said, though...
On the other hand, I'm hesitant to expect too much from this. No matter how you slice it, a lot of this is out of Faber's hands. I really hope the leadership at Lego would be willing to give this another shot, but after G2 I'm not inclined to trust in that without evidence. As @Mesonak brought up, he could still go independent with it and I would love to see that, but it would also mean the potential resources and exposure he could get for it would be much more limited.
Now mind you, I don't really care too much about the sets at this point. Like, I see three possible approaches to this; more CCBS constraction, traditional system and minifigs, or something in between, with mixel joints and stuff used to make a constraction-like thing in System. All three, I think would be really cool to see, honestly! But I am in the 'story comes first, sets are nice bonus' camp, so I'm not really as concerned with whether we'll get more sets or what form they may take if we do.
So even if Lego do approve this, and I'm pretty confident in the strength of Faber's concepts, whatever they may be... my other main worry is about how the story may be conveyed. I want it to be something high-profile, that can bring in new fans while doing justice to the ideas. The G2 webisodes, as much as I personally enjoyed them, were very obscure unless you were actively looking for them, and Journey To One was too little too late, and not terribly good besides. (It did have some redeeming factors, but as a whole, it was just... bleh.) Again, this comes back down to the question of just how far Lego themselves would be interested in taking this, assuming they even take it up in the first place. I would love to see like, a big-budget movie for theaters or something, but how likely does that strike you as being? A show like Ninjago is more in the realm of possibility while still getting a decent amount of attention, (and would probably be more suitable to convey something as complex as Bionicle anyway) but they'd have to exercise care to make sure it doesn't turn into another JTO.
So all in all, I'm really excited for the possibilities here, but the issue is how it may stack up in reality; while there's plenty of reason to believe in this succeeding, there's also a lot of obstacles standing in the way. Would Lego be willing to do this? If so, how much of a marketing push and story focus would they be willing to give it? If they turn him down, how else could Faber make it happen? And either way, even if the ideas are solid, can the execution match up?
I'm hoping for the best here, but I'm reluctant to assume or expect anything to come of this just yet. I will simply wait and see, and keep my fingers crossed.