Yes. Release date, Dec. '05. View the trailer for "The Lion, the Witch, and the Wardrobe". The producer is using Peter Jackson's props and special effects company. Filming is complete. Now comes the editing and effects.
The Chronicles of Narnia were done by British television and you can buy the videos. They were fairly well done.
Hollywood will be different, but will they leave in the religious allusions or expurgate them?