Apparently, HBO is in talks with George R.R. Martin to do this very thing... a multi-season television deal to put A Song of Ice and Fire on screen.
Of course, aSoIaF would probably have a treatment a little closer to HBO's earlier Rome than any treatment of The Farseer Trilogy could have.
Unless, of course, the screenwriters decided to throw some gratuitous explicit sex or violence into Farseer to bump up ratings. (Hot Burrich-on-Molly action, anyone?) Don't get me wrong, I loved Rome, but I think that a lot of the lurid material in that show could have been HEAVILY toned down without losing any of the plot at all. I mean, we get it... ancient Romans had very, very different ideas on ethics and morals than we do in the modern world... unfortunately, I think this was used by HBO/BBC as an excuse to bump up the ratings.
I fear that HBO's treatment of aSoIaF would fall victim to the same problem. There is so much opportunity for lurid content in Martin's work (which in the written form is only hinted at, but could be exploited by unscrupulous screenwriters in the translation to TV) that I don't think the producers could resist going for the ratings grab. Especially in the post-Sopranos world. ("Don't Stop Believin'" my fat, spotty ass.)
I'm not a big fan of aSoIaF to begin with... but I respect George Martin and I definitely see it as a project worth doing properly (even if I, for one, won't be watching). I just worry that when modern corporate Hollywood gets their hands on something, it begins to be bled dry in the name of the hallowed dollar/pound/euro/sheckel/ducat/etc. etc. etc.
I mean, even The Lord of the Rings films, while they were (in my opinion) the best cinematic accounting which could be made of Tolkien's original vision, were extremely shallow compared to the source material. The medium of cinema just isn't well-suited to the subtleties and complexities of the written word.
In short... I'd rather have my imagination tell me what The Fool looks like... not some artless Hollywood casting director who is looking for a name to put on a marquee.
I do think that the episodic TV treatment would be the only way to do Farseer on screen... and I think that I could only trust the BBC to do it properly. The Big Three (NBC, CBS, ABC), while they could keep a lid on the explicit content, would also pollute the thing with so many commercial breaks as to render it nearly unwatchable. The BBC has the wherewithal and the clout to make the damn thing mature but not trashy, while keeping the bloody adverts out.
Burrich tearfully draws Fitz from his grave. "You're not dead... you're not dead..." he says. Cut away to an advert for Viagra...
Of course, I hope it never happens. Mainly because I know they won't cast Henry Rollins as Burrich.
Sorry for the rant, but I have recently re-read The Lord of the Rings, followed by a watching of all 12-hours of the extended editions, and been deeply disappointed with myself for how badly I allowed those films to pervert my view of the original work.
[edit: corrected the channel that aSoIaF is appearing on... it's HBO, not Showtime. A stay of execution, but not a full pardon.]