On one hand, it be hard to top the 1993 masterpiece that barely even had elements of the games (but did have some of the Italian-American stereotypes of the Mario Bros. Super Show). On the other, this is Sony Pictures we speak of here. They did the same mistakes, that made them feel like rebooting Spidey movies after Raimi left, two movies later. I can see a draft script having Mario and Luigi going on a darker and edgier revenge spree against turtles and walking mushrooms.
Of course, I thought Big N gave up on Hollywood Mario movies after what happened with the 93 movie and altogether after the Metroid movie languished in development hell for years. (The latter's core concept is probably even less filmable than the former.) Arad would have to either find a way to bio engineer real life Pikmin for Miyamoto or spend all of Sony's remaining money to convince them. Even if this deal got though with any studio, Nintendo should have final creative control at all times, just so we don't get another movie with spay painted super scopes turning people into monkeys.