Pacino of the 70/80's - I'm all for it
Pacino of the 90's - erm...no
Overall i'm not a fan of the idea. Mainly because it will take away any anticipation for the character. I doubt Pacino will raise his game considering he hasn't done so for anything (inc. Merchant of Venice) for over 15 years now.
Well I don't agree with that! In the last 15 years he's done Heat, Donnie Brasco, The Insider, and Angels in America, all of which were IMHO, as good as anything he's ever done (and 3 out of 4 of those roles don't feature much shouting, either!). I've seen a lot of people in this thread assuming he will do "shouty" if he played a Bond villain, but he still does a lot of subtle work, it just doesn't get as much attention as when he does the shouting routine.
Speaking of which, I think Anthony Hopkins would make the best ever villian ever ever ever ever in a Bond film. If we're going to go down that route he'd be my choice. I just saw Fracture the other night and was amazed at how the old man still got it
But we already know Hopkins' "villain performance" inside and out. There's nothing new or interesting to see there, for me it'd be the ultimate ho-hum generic casting. Same with the other suggestions that have been made in this thread - Rickman, Malkovich, Oldman, Irons etc. We've all seen their villain routines before.
I do like the Frank Langella idea though, and (very) early word is that he'll be an Oscar contender in '09 for Frost/Nixon. If EON could lock him down now for a cameo in 22 and the main villain in 23 that'd be a major scoop!