The setting is versatile enough that you could do all sorts of stories. I wouldn't even want an adaptation of the events of the book, I'd be much more interested in say something set during the time of the 7 kingdoms with a bunch of a new characters.
I agree. They should try to stick to an "expanded universe", which, if it sucks, I can disregard completely.
They shouldn't even attempt the proper story. Unless they do it like the 16-bit college humor videos