I was wondering when Wheel of Time would finally get made into a film. We'll see if it gets to production this time around. Here's hoping.
As far as whether or not they will make all the books into films? It will depend entirely on if Eye of the World is profitable for the studio. If so, you better believe they will commit to a second film. If not, they'll dump the franchise.
Wheel of Time would work better in a series format like "Rome", the story is so vast and rich that a movie wouldn't do it justice. I don't see this coming very soon though, the last book still has to be released (next year probably).
I going to agree with Werner R - the best way to do this would be as a mini-series. The first book may go into a movie format but as the books go on, the characters go different directions and Jordan was generous to let his readers know what was going on with all of them. Unfortunately, it was with one chapter about what Mat is doing, and one for Perrin and one for Rand and one for Elayne and one for this character and another for Rand and then.... It got very confusing - at least for me. If they do the movie format further on, I think too much of the story would be cut in order to follow one storyline - likely Rand - and the complexity of the books would be completely lost. That and the story would have very little in common with the books save the names of the characters and the most basic of outlines. Jordan created a complex and very believable world and although some people might investigate the books after seeing the movie, I personally think that most people would think that it was just another movie cashing in on the interest and popularity of magic/fantasy movies. But we can only wait and see what happens. Although it would be nice for this series to be filmed.