Now, according to Moviehole, the project is back, possibly still with the participation of governator-but-not-for-long Schwarzenegger, who actually owns the rights. Details are sketchy at this point, but it's unlikely that Verhoeven will be involved, given his concerns about finding funding - especially these days - for a movie about "...the murderous attack of the Christians on the Arabs and the Jews. The Pope instigate[ed] this complete slaughterhouse, which ultimately had only one goal: to destroy as many Arabs as possible." Yeah, you can sorta see how big studios might be just a wee bit leery of that.
More details if we get them.