The Bad: It's being made by Hollywood, which no doubt missed the point of the book entirely.
The Ugly: It's going to star Brad Pitt and Angelina Jolie for cripes sakes!
Here's a comment I read over at libertas that sums up my fears pretty well:
First off, “Atlas Shrugged” can not be made into a single movie any more than “The Lord of the Rings” could.
So with a lot of luck, perhaps we’ll get the highly abridged, Reader’s Digest version of the book. Without luck,
we’ll get the comic book version. And with bad luck, we’ll get the anti-version ala Paul Verhoeven’s take on Starship Troopers, which was a slap in the face to the original.