So after finally remembering to do so, I've watched the 2012 live action movie.
A one sentence review: Fun, with some really neat visual ideas, but clearly they struggled with the plotting and what they chose to take and drop from the game.
They had to cram most of AA1 into a movie, whilst still making sense. They also had to make an authentic AA experience. They also clearly wanted to highlight the dual nature of the game (bright, silly characters vs murders and deeds most foul).
This lead to a movie that is really oddball, with trippy moments, silly costumes and humour mixed with murders and dark motives, all crammed into a movie format that I don't think allowed for the slow-burn pacing that the game does so well. The characters are not really explored deeply, and the court scenes are over very quickly, so tension never really mounts.
Fundamentally, however, I like the movie as an experiement, even if it's a failed one. It does prove in my mind that a longer format - i.e. an animated series - would work a lot better.