I'm usually pretty easy on things, but I think this is a very bad idea. This is a great cartoon story and faerie tale, but as a live action its going to be hard to make it look, well, not creepy. And I don't mean creepy as in Halloween creepy, but creepy as, well creepy.
At any rate. We'll see. With the new CGI crap we'll get a long nose and a squeaky mouthed boy...okay, even talking about it is creepy.
Now to cleanse the palate