Sam Raimi blows us away with new Oz the Great and Powerful trailer

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Jan 14, 2013, 1:38 PM EST

A new—and pretty awesome—trailer for Sam Raimi's Wizard of Oz prequel film Oz the Great and Powerful is out now, and what can we say about it other than it's awesome? How about: it's bloody fantastic!

Oz the Great and Powerful will probably be one of 2013's movie juggernauts (we also happen to think that it looks so much better than the similar and ultimately disappointing Tim Burton's Alice in Wonderland).

The new Wizard of Oz prequel appears relatively faithful to the world of the 1939 classic film that starred Judy Garland as Dorothy. (We wonder if a rendition of ''Over the Rainbow'' will make it into Oz?).

Below is Walt Disney Studios' official movie blurb:

Disney's fantastical adventure , directed by Sam Raimi, imagines the origins of L. Frank Baum's beloved wizard character. When Oscar Diggs (James Franco), a small-time circus magician with dubious ethics, is hurled away from dusty Kansas to the vibrant Land of Oz, he thinks he's hit the jackpot—fame and fortune are his for the taking—that is until he meets three witches, Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams), who are not convinced he is the great wizard everyone's been expecting. Reluctantly drawn into the epic problems facing the Land of Oz and its inhabitants, Oscar must find out who is good and who is evil before it is too late. Putting his magical arts to use through illusion, ingenuity—and even a bit of wizardry—Oscar transforms himself not only into the great and powerful wizard but into a better man as well.

Oz the Great and Wonderful also heralds the return of Spider-Man director Sam Raimi's return to the blockbuster genre.

What did you think of the brand-new trailer? Do you guys think that Oz the Great and Powerful has all the makings of an incredible, magic-filled carpet ride?

Raimi's Oz the Great and Powerful will be swept into theaters on March 8, 2013.