Great news, Manda. The Lion, the Witch and the Wardrobe is currently in pre-production as a major feature-length movie! The director is one of the co-directors of Shrek. It's going to be live-action mixed with CGI. Right now the director's busy with Shrek 2, so it probably won't be out till 2004 or 2005. You can find updates (when they come) at the excellent website Into the Wardrobe. I'm doing this from memory, but I believe the site is:
cslewis.drzeus.net
I agree that the Creature Shop could do some fabulous work on LWW. They were originally attached to the project in the mid-90's when John Boorman was assigned to direct, produced by Kennedy/Marshall. It's just as well this didn't go through, though, as K/M wanted to make some RADICAL alterations to the text. The new version promises to be much more faithful.
Check out "No Strings Attached," a book about the Creature Shop, sometime. They discuss some of the development of this project, and there are pictures of a CGI centaur that was apparently part of this development process. Very cool to look at!