Oh crap. I prayed this wasn't going to happen. I really did. It shouldn't be done, end of story. If people want to experience MGS, then it should be done through the game, not via the silver screen. Say if the first MGS was to be remade, how do you explain the references to past characters (Gray Fox, Master, Big Boss) and events that won't alienate an otherwise clueless audience that haven't played the game before? How do you make gameplay sequences translate well? Take for example, the Codec conversations. How is that going to work?
IMO, MGS is perfect as a game, where it can be played for any length of time at any point, and is practically an interactive movie in it's own right. But to condense the story, characters and back history into a 2hr movie, for the general public is going to be confusing.