Silver just received a new draft of the script this week and the story will not be set during World War II as it was in the comics but but instead it will take place in the not-too-distant future--Ala say G.I. Joe: The Rise of Cobra .
Silver says "It's a little bit in the future. As a war movie, it's not going to be 'where it's been,' it's going to be 'where it's going," saying "We didn't want to do Iraq, we didn't want to do a contemporary war."
Personally I wish they were going to keep the WW 2 setting...Making Rock in the future means the possible use of higher tech hardware. Rock is a low tech kind of gritty hero and I think audiences would accept him that way if given the chance.