I don't know if Tom Cruise can ever be taken seriously, which is a shame because he's not a bad actor. Sadly, his public life and antics coupled with his infinitely youthful looks have led to a ridiculing of his acting skills, which is unfair. I'm not saying that the guy is always tremendous, but I would like to direct your attention to his strong performances in "Collateral" and "Minority Report". Sadly, no matter how many high-profile and talented directors he works with, he may always be the guy that went nuts on Oprah's sofa, at least until he gets much older and his looks finally fade forcing him to resurrect his career once more.
But Cruise will continue hunting for cred and maybe this time he'll find it by teaming up with David Cronenberg for the film "The Matarese Circle". Cruise is considering the project and would co-star with Denzel Washington. Starring against Washington in a film by Cronenberg would force Cruise to seriously up his game so I hope he takes the project.
Aside from that, it just sounds like a good story: two bitter enemy spies (Cruise and Washington) who, after spending two decades trying to kill one another, find themselves in the crosshairs of the Matarese, a powerful group at the root of a conspiracy. It sounds a little generic but when you throw Cronenberg in the mix, you could have something pretty interesting.