I've known about this for a while but it's finally getting some press and seriously moving forward. Marvel has been planning a series of straight-to-DVD animated films, the first of which will be based on Volume I of The Ultimates title. Based on comments from the panel at Wizard World Chicago, the story will be taken right from the pages of the comic, so I guess if you've read it, the thrill will be in watching it animated.
It sounds at least, like they're taking a serious approach to this and not doing a Saturday morning style cartoon. It will be at a PG/PG-13 level, which is appropriate to the comic.
When I read the comic one of the first things that came to mind was that it seemed very cinematic... almost a reverse of the comic-to-movie thing. It was as if the movies had influenced the look of the comic book. This gave it more of an air of reality and grittiness, so I'm curious to see how it translates to a movie. Quite easily, I would guess.
For more details read the full story at Comics Continuum.
Source: Comics Continuum