Emma Frost is a fantastic character and if movies like "The Devil Wears Prada" that costar horribly icy characters work out, then we have a chance of seeing this movie.
Frankly I'd like to see a "I'm a prissy little rich girl, and I have psychic powers, and I don't need any of your money, daddy, I can make it on my own..." sort of thing, and then go into her days as a member of the Hellfire Club.
As long as she's played as being a very smart woman who knows just how damn smart she is, I think we're going to be alright.
What i'm afraid of is Ultimate Emma Frost. Ms. Pacifist, Prof X's ex girlfriend, who runs her own mutant school... Because nobody would see a Generation X movie, and they've already failed with the idea once... They would go with the Ultimate's line up: Scott Summer's little brother, Polaris, Cypher, Northstar, Cannonball, and then probably a few others they'll pull up from somewhere.
All I've got to say is that if this is another X-Men movie that is just an excuse to not pay the big actors, the studio sucks, and the movies are doomed.
If they have a good story, Rock On.
Also: If they do the school deal, they better introduce a sexy young lass and her prissy twin brother, Wanda and Pietro Maximoff.
Scarlet Witch and Quicksilver's absence from the movies is the most stupid thing ever.