An early 2004 release? Sounds like a direct-to-DVD effort to cash in on RotK. Unless they've been working on it for a year, and had the good sense not to tell anyone about it.
That said, what plotline would you want in a D&D2 script?
I'd suggest a Mummy-style Macguffin chase, with a sense of humor and a dash of flair, and cool-looking fantasy locales. Or Around the World in 80 Days, Realms-style. Anything other than (1) cackling evil wizards bent on world domination, or (2) world-saving adventure. (1) was the first D&D movie, and (2) is LotR, which we've already seen done, and done near-perfectly (detractors, you know what I mean).
Next?