The only Paul W.S. Anderson film I really like is Event Horizon. Resident Evil (1) was acceptable, albeit flawed. RE: Apocalypse was shit. I'm predicting that RE: Extinction will be the same.
That said, it's my opinion that 90% of all video game-to-movie adaptations are shitty. Mortal Kombat, Street Fighter, Alien Vs. Predator, Super Mario Bros., etc., were all terrible, if you ask me. Castlevania is a fantastic series, but what can Anderson do with this story that hasn't already been shown in the other countless Dracula movies? It will be just another generic Dracula film with monsters and violence, but the main protagonist will be a Belmont. Hide and watch: this will be another Van Helsing type movie.
"Director Anderson reiterated Bolt's description, adding that Dracula and Simon Belmont would be key characters in the film. Anderson also indicated that the "very lush, Romantic, gothic look" of the 3D incarnations of the Castlevania series would be used in the film." -from Wikipedia.
................And? Even if it does have a $50 million budget, it isnt going to blow any minds, or break any ground. I'll have to wait for a trailer to make anymore judgements.