I'm kinda meh at the thought of it. Although the direction the movie is going seems waaaay to dark for Pokemon (I'm looking at you kid with the gun to his head), it does kinda excite me, plus some of it looks convincing (Voltorb, I saw you, you devilish ball you.). However, something tells me it'll suck. Why? I'll enlighten you.
1. Pokemon has been around far too long to not have a live movie, and because of this, though its painful to say, not many people know of the newer generations. And because of this, the movie would most likely be filmed from a 1st gen purist's point of view.
2. The director. Remember The Last Airbender? Dragonball Evolution? Something tells me that this movie will be directed by Shamalan, and I will be afraid if it is.
3. Since it's live action, they'll take all the atention from what really matters. The people? Well, characters are important, but no. The Gym Leaders? More than likely, but still no. The Pokemon themselves. Now, a live version of this would be awesome, but I'm afraid that they'll make it too teenage romance (and I'm sensing Satoshi/Ash X Kasumi/Misty here.).
Regaurdless, I'll jump on the band wagon if it does happen to come out, but I doubt it will. Besides, my eyes probably deceived me, but it looked like Onix was the size of a snake (a real one, mind you).