According to the Metal Gear Solid film's director Jordan Vogt-Roberts, the project is still happening, and he told Collider that the franchise is very important to him and that he's recently met Hideo Kojima himself.
He also said that the script is now being developed, and according to him it's important to make sure that the film isn't being destroyed with a bad script. It needs to be Metal Gear Solid and not just a simple G.I. Joe meets Mission: Impossible. In terms of ratings, the film could be rated PG-13 with a big budget, and rated R with a smaller budget.
The Metal Gear Solid film was originally announced in E3 2006, so it's already been quite a long time in development, but at least the director seems enthusiastic about the project. And as we all know, you need passion to make good films.
Do you have faith the film will see the light of day?