DC Comics President Paul Levitz has been talking about what's coming up on the DC movie slate, and there's little update on anything other than letting us know that there can be a long time between signing and a movie. However he has some words of personal hope for the long awaited movie version of Watchmen. From SuperHero Hype:

"Warners is looking at Watchmen right now. I believe they are looking for a director at the moment. I negotiated the Watchmen film deal when the third issue of the maxi-series was coming out in 1985 or 1986. It's been through Fox, Universal, Paramount so far and now it's at Warners. God knows. I think it's an extraordinary difficult property to do right as a film. It is a creative property that is very specifically designed for the medium in which it is published. I think it's a real challenge to break out and do it. I think they had a very interesting script and certainly Paul Greengrass is a great director, so I had some hope for the Paramount one. I hope Warner will be able to put something great around it."

Spot on, and I wouldn't expect anything else from the DC Pres. It's both a good and bad sign that he views it as specifically for the original medium and not film. I thought Greengrass was the best hope the film had, and that fell at the hands of accountants and business reorganisation. Perhaps we might have to concede that this will just never be made?