I'm actually a little surprised by all of you. Pool movies are in the works ALL THE TIME. If you recall, Danny Basavich was given a large sum of money for movie-rights and I haven't heard a thing about that one, either. The fact is, this is not an uncommon thing in the movie industry. Ideas are pitched and filming begins and then it's scratched for whatever reason.
Also, you cannot compare anything to The Hustler or The COM. Both had all-star casts, solid writing and great filming. They went high-end on every angle. Most of the pool-movies that have been done since and ones that are being done now are simply not going to be the same. That isn't to say they won't be enjoyable. You just have to take it for what it's worth.
All I'm saying is, you might want to sit-back and relax. Nothing is happening anytime soon. When it does, the buzz will be insane.