I'm excited by the idea too. I was turned on to the series by a friend at OSU, so I think I started reading in about 2000. It looks like Winter's Heart came out in the fall of 2000, and I remember that being the first one I read as a new release.
The Wheel of Time and A Song of Ice and Fire have a lot in common, I think. They're both sprawling epics that suffer from story creep (GRRM outlined a book trilogy that now is looking at 7 books; Robert Jordan's series made it all the way to 14). ASoIaF fans always cite Jordan when they worry that GRRM might die before finishing the series since that's exactly what happened to Jordan; the series was finished by another author. Both series spend a lot of time on the politics of the various nations/regions and (presumably, in the case of ASoIaF) how to gather up the nations under one banner to fight the Big Bad at the end. In weird ways, they both owe a lot to Tolkien. WoT is like a more adult, less fairy tale version of LotR. It's very much a hero's journey with the Chosen One starting life as a simple farmer and all that. The first book of the series really mimics the hobbits' escape from the Shire. But it diverges pretty quickly into a story filled with politics, sex, and some pretty gruesome deaths that never appeared in LotR. ASoIaF seems to be a very deliberate attempt to do sprawling fantasy in whatever constitutes the exact opposite of the LotR style.
I've read WoT multiple times, and while I enjoyed it more than ASoIaF, I'm not sure if the narrative is better. It's cleaner in terms of the lines between good and bad guys. Due to the more overt prevalance of magic in WoT, it could be more of a spectacle than GoT. I'm not sure if the crossover audience that has embraced GoT would necessarily also embrace WoT; it definitely falls into a lot of the nerdy fantasy stereotypes that I feel like GoT overcomes in pulling its audience. One thing is for sure: there's a ton of padding in WoT that can be excised. Like it did with GRRM, the story definitely seemed to get away from Jordan, resulting in some excursions into areas that didn't really seem to move the plot forward, sometimes for books (really long books) at a time. Jordan needed a better/different editor than his wife. Any show would, like GoT, really need to carefully pare down the overwhelming number of characters and disparate storylines. So, it will certainly be another show where insufferable book readers will be there to tell everyone at every turn how the books did it better. Still, I think it could be an incredible series. I hope it actually works out this time.