Warner Bros' Oz is very much taking the Alice route. Written by Josh Olson, and produced by Basil Iwanyk, it centers on a granddaughter of Dorothy returning to Oz to vanquish evil. Todd McFarlane is involved somehow, either as producer or consultant which suggests they're really inspired by his Twisted Land of Oz series. (That link is a bit NSFW.) Who wants to see S&M Dorothy and a monster, flesh-hooked Toto? Hollywood might! Wheee!
New Line's project is a lot more mysterious. It has a script by Darren Lemke, but no title and it doesn't come up on his IMDB credits at the moment. It's also being produced by Temple Hill who has made a killing with Twilight. Could it be something focusing on the later books of Baum's Oz series? Could they be attempting a more faithful adaptation of Baum's book? There's a difference between doing that and a straight-up remake of MGM's iconic film. For now, at least, no one is looking at doing that.
In the meantime, those who favor Broadway's re-imaginings over Hollywood's still have Wicked to look forward to. It's still in the works at Universal with producer Marc Platt, and all this fervent interest in all things Oz might just give it the fuel injection it needs to make it to the big screen.