You know how they say it takes a few years for major movie sensations to influence what you see at the multiplex? We got the first big taste of Harry Potter and Lord of the Rings's combined shockwaves two christmases in a row with the debut of the Lemony Snicket and Narnia franchises. Underwhelming and still cash cows. Turns out Potter made everyone a fantasy book fan and Peter Jackson made it safe for fantasy to be trusted as both a highly lucrative investment and a bid for critical prestige and Oscar glory. In other words we're a long way from the 80s when Legend was for D&D brats only. Sword and sorcery was almost exclusively straight-to-video fare. Some upcoming films with fantasy elements to be hesitantly excited about.
A Sequel to The Dark Crystal, 1982's puppet fantasy spectacular. I was hella wild about that as a kid. Crossing my fingers.
Miss Potter. The unthinkable has happened. I'm excited about a movie to star La Zellweger. This isn't "fantasy" per se but it'll have a mix of real and imagined courtesy of Babe director, Chris Noonan.
Pan's Labyrinth -- Crazy Mexican and fanboy favorite Guillermo del Toro is making another scary/bizarre horror fantasy thing.
Another multi-film fantasy franchise for New Line They hope to capture lightning in a bottle a second time. Anand Tucker will helm His Dark Materials
But the usual fate of films in general, particularly expensive genre ones? That's "Development Hell".
Elric of Melnibone who is one of hard fantasy's most famous protagonists, was supposed to be on his way to the movies as early as 2003. Still no movement of any significance.