According to online gossip rag Popbitch, a new version of Journey to the West (Saiyuuki, or Xiyou Ji) is being filmed in Australia starring SMAP member Katori Shingo as the Monkey King. It will supposedly air on Fuji TV in Japan starting in February.
I've never actually seen the version that's best known (to gaijin, at least)--Monkey Magic, though I have seen the low-rent Chinese version that is apparently played a lot in China during holidays, as well as a few cartoon versions. There's also a Hong Kong film starring Stephen Chow of Kung Fu Hustle fame, in which Monkey falls in love.
The latest cinematic version of the story to come out of the Chinese-speaking world is the Taiwanese animated film Fire Ball. It's the story of Monkey fighting Red Boy (translated as "Fire Ball" in promo materials for the film). Sinorama, the Taiwanese magazine I do some work for, has a story on the film here.
As a music fan I can hardly stomach SMAP, but I am looking forward to seeing the new Japanese version.