Yeah, the last time I heard, it was in development hell. It would be a tough movie to make while still staying true to the material. I've also heard about a game, but I'm not entirely sure how they would make a game out of it either.
Well it's the battle room or nothing really, isn't it? Though having two teams of players bouncing around a giant cube in zero gravity trying to paralyse each other into submission sounds like fun on paper, I'm not so sure how it'd translate well into a gameplay mechanic.
Since it's essentially and exercise in coordinated strategic manoeuvring it'd probably have to be something akin to an RTS but I can't see that kind of content maintaining much interest past a tutorial level and having it be about the actual attacks on the Formic worlds would just be Homeworld with insects.