Today, it's been confirmed that Emma Watson is no longer set to play Cinderella. The reasons are still relatively unknown, but it's possible there were scheduling conflicts which played a part in Watson't decision to turn down the role.
Cate Blanchett is still set to play the Wicked Stepmother. Kenneth Branagh ("Thor") is confirmed to be directing the movie which is still in the pre-production process and is slated to be released in 2014. Production will begin in the Fall of this year.
Later this year, Emma Watson will be appearing in Sofia Coppola's "The Bling Ring" about fame- obsessed teenagers who track down where celebrities are on the internet in order to rob their houses. Also, Watson will be appearing in Seth Rogen's "This Is the End" about celebrities being faced with the apocalypse while attending a party at James Franco's house. Watson will be playing herself.