Merrick here...

Marvel EIC Joe Quesada, not to be confused with singer Jon Secada...

...had a panel at the recent Big Apple Comic-Con, where he discussed the status of the CAPTAIN AMERICA script. Not surprisingly, he's really excited about the direction it's taking.

ticking with Hollywood, Quesada offered a brief update on "The First Avenger: Captain America," with which he's had some involvement. "I've seen a couple of outlines and an initial screenplay, and it's going to rock everyone's socks off," he said. "It's very unexpected, the kind of movie it is." Quesada added that "Captain America" sets up "The Avengers" in "a fantastic way"
[EDIT]
Quesada was asked if some Marvel characters work better on film than others. He used Blade as an example of a character that works very well on film but not as well in comic books. The same fan asked Quesada if he believed that continuity could truly be established from film to film, prompting the editor-in-chief to identify Marvel Studios' current lead-up to "The Avengers" as proof that it's possible. "It won't be the same exact continuity from the comics, but it'll feel very much like the Marvel continuity," he said.

...said Quesada, per THIS write-up over at Comic Book Resources. In the piece, Quesada goes on to indicate Marvel differentiates itself from other comic publishers by "not sucking."