Could be good, could be good. However, I would not have much hope for it. Game-to-movie conversions are usually messed up. It would, IMO, work much better as a series that would show first contact with Vasudans, Great War, GTI Rebellion and finally the events of FS2.
Of course, a trilogy of movies would be nice, too. One could show the Great War, the second one GTI rebellion and the beginnings of the NTF one [and so introducing the character of Bosh, so he doesn't just appear out of nowhere], and the final one presenting the FS2 storyline, ending in Capella system. After that, the success of the movie [to be honest, if it is properly advertised, it has a great potential to do very well] should be enough for the glorious creation of FS3, and FS movie saga becoming a quadrilogy. [the ending of FS2 practially forces this, and if FS becomes popular enough...] HLP enjoys it's golden age with the great influx of new members and increased interest in FS, and FS players all over the world say "Yay!". We also get to laugh at WC fans, because we have a good movie and they don't.
Of course, the movie could be horrid, and bury FS under a ton of rocks.