So, Warcraft the film has been confirmed to be released in 2 years 2015, Pre-production took place on the 20th July 2013.

An epic fantasy/adventure based on the popular video game series, World of Warcraft.

Is it going to be live action or CG?

According to several Warcraft websites, it will be live action with some CG elements (i.e, the Orcs, certain Undead characters, Night Elves, goblins, dragons, Dreadlords, etc).
It has been said by Chris Metzen that it is a live action film. It is generally referred to as the Warcraft Live Action Film. Obviously it will be CGI Lord of the Rings.

What will the rating of this movie be?

Chris Metzen mentioned that the film will be action-packed and violent, stating "We're definitely not going to make a G or a PG version of this. It's not PillowfightCraft."
based on the game series track record, expect it to be PG-13. (think The Lord of the Rings films)
Most likely the rating will be PG-13 for intense fantasy violence. But if its R, it really does push it.

Produced by
Stuart Fenegan .... executive producer
Alex Gartner .... producer
Jon Jashni .... producer
Chris Metzen .... co-producer
Michael Morhaime .... executive producer
Brent O'Connor .... executive producer
Charles Roven .... producer
Paul W. Sams .... executive producer
Thomas Tull .... producer

And its Directed by Duncan Jones

No trailers or even a teaser yet but it's defernatly worth watching over if you are a fan, then again saying that you don't have t play Warcraft to watch it the World of Warcraft story is amazing behind all the gaming it has a very in depth and unique story that i can't wait to watch.

But if you don't know what world of Warcraft is and believe me some don't hears a trailer for the game.

Been waiting for this movie for some years... though with the new lore it will probably suck... it has gone downhill since WC3FT just to state a FACT.

(btw still not as badass as his father)

Blizzard has proven they have a capable animation studio, so what's the point of live action? To save money?

To irritate you as always.

I think it will be good if its live action with a cg twist as long as it is done correctly of course but iv only really just heard about it and i think if done right and well filmed it has a chance to be really good.

I hear Hugh Grant is going to get a role in it.

Oh wow really such a great actor he is, so i hope he does get a role in it, still ages away to wait =/ can't wait for some content be great.