"The Wizard — a snake-oil salesman posing as a magician — enters Oz via a hot-air balloon, which he uses to escape an angry husband who has found out that Oz slept with his wife. There, Oz — a fast-talking huckster who wears a velveteen frock coat — falls in love with Glinda (the Good Witch), and the two combine forces to fight the evil witches Evanora and Theodora. Theodora starts out as a good witch, but after Oz jilts her sexual advances, Evanora — the truly evil witch — convinces Theodora to become an evil witch with her and help her to rule all of Oz."
I could see Rami and Downey Jr. making a fairly decent, if not more adult, Oz movie. Rami has a great range of style and has proved again and again that he can handle the Fantasy genre. No word yet if the Wizard will be giving the Tin Man a Stark Industries style over-haul...