In a Reddit AMA producer/actor Josh Gordon-Levitt tries to explain why a Sandman movie is better than a TV show.
"I think a big screen adaptation is a better idea and here's why. If you did the episodic version, I think it could very well end up as a not-as-good-version of what is already brilliant in the comics.
But by reworking the material into a big movie, Gaiman's brilliant characters and ideas get to take shape in a way they never have before. Also, I think Sandman deserves to look absolutely mind-blowingly awesome, just on a visual level, and as cinematic as some tv shows are becoming these days, they still can't compete with big movies visually, just because they can't afford to."
My problem with this logic is - has this guy watched Game of Thrones or The Walking Dead? One based on novels the other on comics? Seriously. Both of those series show how to give the epic scope that an adaptation of Sandman needs. Unless you plan on turning each graphic novel into a movie, there's no way this is going to work.
It looks like this is all set to move forward. I just hope he proves me wrong because it would be a shame to ruin what is such an amazing story from Neil Gaiman.