I loved the book (well, all of the first three Dune books, and I enjoyed a lot of the rest of them) and the mini series. I read the book first, but when I reread them now I see the actors from the two mini series as the characters. I couldn't watch much of the movie before I turned it off. Even with Patrick Stewart, i couldn't get through it. Its easily the least faithful adaptation of a book I've ever tried to watch. I was warned about that going in, but I still tired to watch it and hated it.
The mini series does a good job, and I wouldn't call them low budget. Heck, just from what I saw of the movie, I saw some better effects in the mini than the movie, and much better acting.