Michael Gordon is supposedly writing the screenplay-- he was one of three writers who worked on 300 ("This is Norrath!!"), and unfortunately doesn't have that much more to his name yet. Apparently he did the original pitch, though, so maybe he's a player, and word is that the story will feature actual characters from the game itself.
I don't want to ruin your day or anything, EQ fans, but I wouldn't hold your breath on this one. I'd love to see a movie starring Erudites and Iksar as much as the next guy, but right now this is looking more like Alone in the Dark than Silent Hill.