It seems an odd choice to base a movie off of a game whose sole movement is going right-to-left and shooting straight up, but heck Nintendo made an entire movie from a terribly designed peripheral (the Power Glove) so anything is possible.  If you're worried about this being another Uwe Boll flop, don't raise your hackles just yet.  The producer on this one (Mark Gordon) has a pretty decent pedigree with films like Speed, Saving Private Ryan, 2010 and on television Army Wives and Grey's Anatomy.

From L.A. Times:

"Warner Bros. is negotiating to acquire feature rights to the landmark shooter from Taito, the Japanese company that originally manufactured the game. If the rights issues all work out, the project would bring on Hollywood fixtures Mark Gordon, Jason Blum and Guymon Casady as producers."

While it would be cool to see in 3D an endless stream of aliens falling from the sky with the film's hero shuffling back and forth as quick as he can, I highly doubt that's the sort of film we're going to be getting.  If anything we're likely to get a film more akin to War of the Worlds with a couple cool shots to make the fanboys happy.

Since the rights issue is still somewhat up in the air, there's no word on a plot or story, but one thing can be sure: it'll be a big-budget, special effects laden chunk of sci-fi action...I'll be there.

-Jordan