If there's enough interest in it, we can certainly resurrect it. As for it being stop-motion or full CGI, well, that depends on those who wish to participate.
Obviously we know the limitation of a stop-motion community project (animators have to have the same minifig parts, level of animation skills and camera quality). And if one's animation sequence doesn't work, reanimating can be a strain.
CGI eliminates all that but brings up its own can of worms, especially when it comes to bricks. There's no doubt conflicts in rigging, animation software, and animation skill and technique. Some of us have Carrara, but most use Blender. Some animate rigid-body minifigs (like me), others make them bendable (like James W and Littlebrick).
Of course, a major benefit to a CGI project is material sharing (ldraw models, Blender and Carrara projects, shaders, textures, riggings and animation sequence) and time saving. Ideally, a group of CGI animators would act as a render farm, each committing their CPU to rendering scenes, altogether reducing time needed to composite the film.
But again, depends on the amount of interest.