Just so everyone knows, went back to my old sources to refresh my information on the movie.
The storyline is going to be set before WoW, but after WarCraft 3. Right now interviews have been saying that it will be set a year before vanilla. This means No Draenei, No Blood Elves in the Horde, No Outland, etc...
It is not going to be a LOTR-eque film that revolves around a group of adventurers, instead going more to the roots of WarCraft and being about war between factions on a larger scale. The rumored storyline is going to be from the point of view of a human character, as he gets swept into racial tensions between the two sides and ultimatly reaches a climax with a massive battle. The Horde are not going to be presented as villians, but instead just another side in the conflict. Metzen said in an old interview that his heart belongs to the Horde, so even if the Alliance is getting the focus the Horde will still get a lot of love and not just be treated as fodder.
Also, like I said before, they are going to consider this an "Ultimate" version of WarCraft. It will have it's own continuity outside of the games, comics, etc... and thus events can happen in the movie outside of events that happen in the games, like the rumored massive battle that will happen between the factions. The only things that will be the same are the setting, and we will see cameos from characters like Thrall, Cairne, etc... but it can diverge if needed.