Kurt over at Kurtharsis posted some great musings on the possibility of a Mistborn movie being made as well as on directors and casting.  Check it out here.

In other news, I recently attended one of Brandon's Way of Kings book signings and had the chance to ask him about the status of the movie.  He says that he has seen a third draft and that it is approaching completion.  The next step will be getting the project picked up by a production studio.  Crossing our fingers this happens soon!

At least 3 awesome threads over at the Time-Waster's Guide discuss the status/casting/etc of our favorite upcoming movie. Check them out (and maybe contribute some of your thoughts):
Mistborn Movie - Casting?
If Mistborn was a movie...
So There is Going to be a Mistborn Flick....

Derek Bown, a creative writing student in Brandon's class, has taken the time to ask Brandon a few questions about the upcoming Mistborn movie.  He discusses what might have to be cut from the movie, and director, composer, and actor choice among other things.
Brandon believes the books have to "happen in film, by necessity" and clarifies that the contract with Paloppa Pictures covers the entire trilogy. He also speculates about movie length, feel, similar films, and adaptation requirements. Finally, Brandon confirms that a release date is not yet under consideration.
To read the complete interview please check out Derek's blog at:
http://burninglizardstudios.blogspot.com/2010/02/brandon-sanderson-mistborn-movie.html

Brandon in June, 2009 on possibility of Mistborn movie:

"It is a small production studio, so nobody you'd recognize. The producer is a fan of the Mistborn books who has some credentials in independent films, and who has impressed me with his treatment of the books and his determination to make the film. This individual is starting a production company to focus on the film. We're in the contract stages now, and once that is done, I can be more specific.

It's not like the Alcatraz movie, which was optioned directly by a studio. Because of that, the Mistborn movie is probably a lot less likely to happen--but, the hands it is in are quite good. Anything having to do with Hollywood is a long-shot in the first place, so (after meeting with the producer) I decided that I'd rather take the slightly more unlikely chance in exchange for the opportunity to work with someone I felt understood the books."

Mistborn Movie Guide: Both Sanderson and I agree that the chances of this movie being made and ever see the screen are very slim. However, now that the books have been optioned, we may begin to see the project pick up steam.
Discussion of this comment here at the Time Waster's Guide.