I like Mike Meyers a LOT, and I LOVE Dr. Seuss, and I think he's the perfect guy to do it. But I don't think the child actors - Spencer Breslin and Dakota Fanning - will do a good job - I can't STAND child actors (just a pet peeve of mine). They also might go overboard with the special effects and stuff just to prove how "wacky" it is or something.
This movie could either be really, really good, or incredibly crappy. I don't think it will fall anywhere in the middle. Hopefully it will be good, because Cat in the Hat deserves that recognition (it's GENIUS, I tell you!), but you never know...