I don't think the series has that many elements that couldn't be cut or pushed comfortably into the background, so to get it to the silver screen, we'd just need to concentrate on the main characters that are important at the time and keep the pace fast.

For example, I don't think we really need to bother with staying with Perrin and Egwene early in the series, because they don't really come into the forefront until later in the series, so they can be secondary characters until the second movie allowing Moiraine to be a major character in the first two. Do we really need to spend more than 2 minutes with Min musing about how to seal the Bore? Nope, this can happen comfortably in the background, with a few scenes showing her thinking about it.

I feel pretty comfortable cutting out any extended scene involving the Circus, anything having to do with a tertiary character who had one or two POVs or a subplot that never really resolved but would make that character seem important, anything involving the majority of Morgases' experiences (besides some time of her reign, her time as prisoner of Rahvin, her captivity and conclusion - and even then these should show her as a secondary character near a major character) and any exposition that does not affect anyone (sorry, Amayar, but you should be cut, and get a brief visual and an audio mention).

I still think the series would work best as a CGI or animated series, though. Does anyone think that seeing the Seanchan in live-action might be too hilarious to take seriously? Talk about costume drama!