It could be great, and it could be awful.

From proofreader-deficient The Reading Room:

Here's what we know: studios have been trying to get [The Phantom Tollbooth] made for some time now. The reigns have finally been handed from Warner Bros to Tristar. The movie was originally going to be directed by Gary Ross (Seabiscuit, The Hunger Games), with a script by Alex Tse (Watchmen). No new crew has been announced, but big time Disney producer Donald De Line has just hopped on board.

For those unfamiliar with the cult classic, it tells the story of a young boy named Milo, with a particularly restless imagination. One fine morning, he discovers, a magic tollbooth (get it?), that transports him to all sorts of wondrous fantasy lands. The book is a word-nerd's dream come true, as it is replete with hilarious and clever puns, wordplay, and turns of phrase. Along his journey, Milo meets a variety of zany and backwards characters, whose names always seem to contradict their actions. It's a touching and quirky tale, about the importance of an education, and the meaning of wisdom.

At the time of its release, it was most often compared to the work of Lewis Caroll and Roald Dahl. Since then, it's gone on to sell over three million copies, and is now considered a modern classic of the fantasy genre...