HIGHLY likely that it will be animation. It would cost too much to do CG monsters.. But we'll know in time.. Heck even dragonball got a live action movie >_<
Who knows, hollywood has been high lately. And Universal is behind it, and lately they too have been high. C'mon they're forcing un-willing producers to make movies. *cough*JPIV*cough*
well to be honest they already said its live action