They didn't seem to have a whole lot of problem turning Dr. Seuss' books into movies...
After the Cat in the Hat, the Dr. Seuss estated vowed never to let anyone do a live action film based on his works ever again. The 2 CGI ones weren't considered offensive enough to stop the movies outright. I didn't see the Lorax, but it seems the CGI movies have are okay to at least better than the live action ones. Though, Grinch did have a great visual asthetic. If nothing else, the animated movies are very beautiful.
That was such a favorite book of mine when I was little. I'm just curious, because the book was pretty short, I wonder how they'll be able to stretch it out to a feature-length film? It could really make a decent short (10 minutes), but to stretch it to 90 minutes without padding it will be the challenge.
I'm no fan of turning cute little books into big, overblown 90 minutes of padding. A certain food related movie is THE example. Shrek became something else, but that something else was admittedly enjoyable and a huge money maker. Other than that, I find that television cartoon adaptions of kids books are usually far better, especially if they're based off a series of books. I can't think of a TV show based on a book/series of books that's outright terrible. Arthur, Clifford (though a little overboard with the "he's big" jokes), Curious George (based on a movie that I have yet to see the full way through, but it looks beautiful), The Mr. Men Show, even Dumb Bunnies were all fun little shows.