The official plot for Captain America has been released, and it seems it does indeed take place completely during the 1940s, which I think is pretty cool. I just wish the official title, The First Avenger: Captain America was reversed to Captain America: The First Avenger.
Anyway, the movie opens on May 6, 2011, and since The Avengers opens July 15, 2011, I have a feeling I know how Cap will end and Avengers will begin. And you know what? I'm cool with it--that's how Cap went out in the 1940s, and how the Avengers found him.
Also, it looks like the original director, Nick Cassavetes doesn't look to be attached anymore. As you may recall, he was to direct Iron Man about four years ago before the film went back to Marvel, while Jon Favreau was going to direct Cap. How about that for funky trivia. I'm guessing we'll hear a director announcement for Cap by either late 2008 or early 2009.
By the way, Jack Kirby's cover to The Avengers number 4 is quite possibly the greatest cover ever. I hope they show Cap kicking serious butt like in that most-excellent comic.
Captain America is tied with Batman as my second favorite comic book character, after Iron Man, so I really hope they create a great film about the most patriotic hero ever. And who would I like to play Cap? Colin Ferguson, of course, from Eureka.