From what I know about the project as a backer:
Gold Bearer wrote:New spell sets and/or new spells for the four elements?
No new spell sets, but renamed. Three extra spells per set are added in each set for the optional rules of the expanded game. I believe this, and many other option elements, were developed by forum members of the Spanish Hero Quest site.
Gold Bearer wrote:What about the Wizards Of Morcar spells, are the expansions being used at all, like men-at-arms?
No mention of any previous expansions were mentioned, though the basic game's compatibility with previous Quests seems to be the plan. Apparently, you could play WoM spells and Men-at-arms, but playtesting would be needed to be sure. I'd think there would be more trouble with Men-at-arms, as there isn't an anagolous component in the Spanish HQ. The included Quests may not take them into account.
Gold Bearer wrote:Same four heroes, new ones?
Same four Heroes, sort of. Male and female versions are planned for the original 4 Heroes, but the Huntress--the female Barbarian--at least will be statted a bit differently. The kickstarter lvls 2-3 come with 15 additional Heroes. Also, a male and female teen adventurer set is planned for the kiddies as an add-on (originally offered as an earlybird perk).
Gold Bearer wrote:New monsters, all the old ones, ogres?
All the old monsters are included in their same number from the base set. The Gargoyle has a statue and live form. Also included in the base set are a Wraith, an Orc Big Boss, a Tentacles of the Abyss, and an Ogre (another Ogre is part of the add-on below, a second sculp if I recall correctly). Extra monsters can be added on, such as the green pack or undead pack.
Other monsters were added in for the kickstarter and are planned to be made available for purchase seperately, perhaps in an expansion pack. These include + 25 Plastic Resin Miniatures (ogre, 3 spiders, spider queen, captive knight, female prisoner, captive assassin, 2 sleeping goblin guards, 1 goblin leader, 4 servants, vampire, vampiress, 2 stone guardians, 2 stone guardians -actives-, mole troll, Morcar, Zargon and She). + 1 Plastic Resin Great Wyrm (it occupies six board squares). These monsters may also be added on for greater numbers.
Gold Bearer wrote:Is the story a follow on from the original?
No. She, the Lich, is being used in place of Morcar/Zargon. That's for the expanded game, I believe. If they use the original story, they are treading on IP owned by Hasbro. Whether other IP has been infringed upon may be decided upon in court.
Gold Bearer wrote:Interlocking changeable board with three dimensional parts and possible to make the original dungeon?
The rooms and corridors from the Spanish HQ are very similar to the original HQ board. Without referencing any Quests, I'd say the biggest issue will be with the two smaller rooms of the upper-right quadrant. Probably just merge them into one somehow--I don't know. The rooms and corridors as individual pieces are being offered as an add-on, so that should become available if the whole ship doesn't sink.
I'm not sure about the three-dimensional parts, but maybe that refers to the resin markers of the base set, including doorways, fallen rock markers, secret doors, traps, and the stairway tile. Also there is a decending secret stair insert for the sarcophagus and a descending ladder that can link to a room on another level.
Gold Bearer wrote:Is this going to annoy games workshop?
I dunno. They do like to release the lawyers whenever possible. On the other hand, their IP is apparently restricted in regards to Hero Quest. Hasbro relicensed the game to the Brazilian company Estralia after the GW fallout, and that included the original Fimir/Chaos Warrior art and sculpts. Also, those monsters have been renamed and the sculpts will be new. Most likely (in my opinion), GW won't have enough to litigate.
Gold Bearer wrote:If the answer to any of these is no, why the hell not?

Nice set of questions--this project deserves critical scrutiny. Though you didn't ask, for completeness I should mention there are some other components not mentioned above. Also, if the project clears legal obstacles the game and add-ons will become available online. The plan is to also offer it on store shelves in various countries, but that possibility is less certain. Lots of controversy surrounds the IP of this product.
Gold Bearer wrote:Edit: Hmm, I get the distinct impression I'm missing some past history going by the posts.
I'd go back and read 'em. This is the biggest thing to hit our hobby since the game was abandoned by Hasbro.