It depends. I wonder how much effort they are going to spend on it. From being an avid fan of horror movies, many movies, depending on the scale of the project and the budget, can either take up to a almost half a year to film and are released around a year later, while lower budget films can be filmed and released in around that time(half a year). IMDB has 2009 as a release date, but IMDB is as reliable as Wikipedia. But 2009 seems like a reasonable date, if they plan of filming sometimes next year with a good sized budget. Then again, if they start filming soon, it could be out by the end of next year.
It's going to be strange having two takes of CV3(well, three takes if you include the game itself). I don't think any will come close to show the "adventure" as seen in the game itself, but I'd like to see how Trevor is depicted as by two writers like Ellis and Jeffers. And since the live action movie is, well, live action, I cringe to think what Alucard will look like. Will they try to pull the silver-haired SotN version? Or maybe they'll opt for the dark haired Alucard of CV3(Young Bela Lugosi). I just hope they don't go the Buffy The Vampire Slayer approach with all the young hotties. Castlevania, IMO, is sooooo above that tripe(I never cared for Buffy, and definately don't care for the stereotypical teenage-typed prettyboy/prettygirl characters). I don't want Dawson's Creek with vampires here.