Recently, Jet Li portrayed the Monkey King in the film The Forbidden Kingdom:
Journey to the West inspired the Japanese manga Dragon Ball, which is essentially a children's story spin on the original Chinese myth that morphs into a sci-fi spin later in Dragon Ball Z.
Take note of the child-like exuberance and naivete that characterizes both the Monkey King and Goku from Dragon Ball. Now prepare yourself for Dragon Ball Evolution, the live action adaptation releasing next year.
Something is missing. The humor and joyfulness of the original Dragon Ball, and indeed, the Chinese novel Journey to the West that the series is based upon, seem to be gone. Perhaps the tone does not translate well to the big screen. Nevertheless, it remains to be seen whether or not this new Hollywood bastardization --er, evolution-- of a classic tale can survive without the charm of the original.