Michael Bay (Transformers) is going to direct it, and it is planned to be released either next July or July '09 I forget which and I'm using my PPC so I'm not going to check.
This could be interesting I just wonder whether they would use a stiryline from a game or create a new one?
Creating a new one might alienate fans if not done well. However, it would allow them to create a game based on the movie. Which from a marketing stand point makes more sense, although I would like to see the plot from The Sands of Time used in the movie.