I think it'd be difficult to make the plot into a movie. There would be too much going on and too many points to be cut. As previously mentioned, it would be too long. If it became a movie, I hope they'd explain more things that remain cloudy in the game itself. For instance, Ultimecia's back story.

I can see it as a miniseries, which would allow room for plot and character development. Make each episode character-centric, with flashbacks/flashforwards like Lost (I kid.)