As I Would Not Be a Slave, So I Would Not Be a Master
The part where it becomes very interesting is in the players. It's being adapted by Tim Burton (who Dustin just mentioned needs to recharge his career... hmm) and Timur Bekmambetov (director of Wanted and the Russian Night Watch and Day Watch films). While it's unknown who will direct, it's unlikely it will be either of the two, who will instead serve as producers of the adaptation. It's not their first time teaming up for a production -- they also produced the visually impressive but ultimately unfulfilling 9.
I've not read the novel -- it was just released yesterday, in fact. But it's an amusing premise, I suppose (although apparently the issue of slavery is somewhat discarded in Grahame-Smith's book, which seems like a missed opportunity). It's easy pickings for Hollywood producers, especially ones with imaginations like Burton and Bekmambetov, and could prove to be pretty entertaining.
Strangely enough, there's actually a trailer for the book. I had no idea that such a thing existed, and while it's unlikely that, given the producing talent, it will look anything like this, it's a mildly entertaining couple of minutes.