Here's the link to the AICN article with all of the details.
http://www.aintitcool.com/node/37390I was a fan of the original series of Elfquest but I know that they been talking about doing some kind of movie version of it for YEARS. There was even an aborted animated attempt that some copies still leaked out a while back if my memory serves me correct.
I really think that the best way to do this would maybe be as CGI animation, but maybe live action could work if handled with the care of the LOTR films.