Granted, there was that television movie (a.k.a. failed pilot) in 1978 starring Peter Hooten. The character has also appeared in various animated shows from Marvel. This, however, would be the first theatrical appearance for the character and given the recent hype for magic-based characters (such as Harry Potter) and the level at which computer effects have risen, it seems the right time for the good doctor to get his own movie.
Some say Stephen Moyer from True Blood would be a good choice for the title role. I could see that, provided he could pull off the character's required mustache. What do you think?