As far as video game to movie goes, Resident Evil didn't do too badly, I think theres 4 or 5 films out there.
The Alien franchise hasn't done badly either.. theres as many games as there are films
I've played plenty of games based on film, and watched plenty of movies based on games, and I'd honestly have to say in both cases 9 times out of 10, they tend to have a cheesey/novelty feel about them
For example people that love Doom will probably /shrug at the movie, but jump out of their seats cheering at the 60 second FPS sequence, then go back to sleep
I'd like to see a MGS movie.. they have 8 (i think) games in the series to work with, so long as its not MGS2

As far as storyline goes... the whole teacher/student vibe with MGS3 would be interesting, mgs4 has a bit of a "old mans rambo" vibe about it, either could work
Video Games based on Film
Film based on Video Games
Hope that helps
I'd go with Advent Children, however the english voice acting spoiled it, and Last Order should had been included as either a Prelude to the movie, or part of the movie itself as flashbacks