In an interview with Sci Fi Wire, James Cameron has further elaborated on plans for his Battle Angel Alita live action adaptation, explaining that the movie will be an amalgam of the first three graphic novels.

Slated for a 2007 release, Cameron describes the film as "... a father-daughter relationship story that just has the most insane action that you can imagine... the story takes place 300 years after a societal collapse caused by a major war, but in that society it's a technological dark age following a pinnacle of achievement far, far beyond where we are right now."

Alita, who in the story is a war-torn cyborg, will be a CG character based on the performance of an actress (in the same way that Gollum of Lord of the Rings was performed by actor Andy Serkis).
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Knowing the Alita story almost inside out from reading the graphic novels and regularly watching the very under-rated anime OVA, I honestly don't think it's possible for Cameron to screw this up.

His past record with science fiction is great and I'm sure he has a firm grasp on what makes Alita such a great story. I can't wait to see how he handles Alita's first few fights against that crazed brain eating cyborg And anyone who is familiar with the climax of Alita's relationship with Hugo should know those scenes will be cinematic gold.

If he can do as well with that as he did with 'the abyss' and the first two 'terminator' films, it should be well worth watching.