According to this planning document (link to pdf), the City of Vancouver is about to undertake a major review of the Northeast False Creek neighbourhood, covering the area from the Cambie Street Bridge to Quebec Street.
Planners caution, however, that their only intention is to consider a range of options for the land on which BC Place sits, while the provincial government still makes up its mind about the stadium's future (which won't occur before the study is completed).
All options appear to be on the table, from leaving the stadium as it is, to 'reconfiguring' it, or removing it entirely.
In addition to looking at future land use in the neighbourhood, the study will also examine pedestrian, bicycle and transit routes (ie the Downtown Streetcar) for the area.
Interestingly, the City also mentions that it will look at 'the possible removal of a portion of the viaducts when considering form of development and transportation options.'
The study is expected to take about twelve months to complete, after which a report will be presented to City Council by May 2008.
If you're curious about what one of the major landowners in the area has in mind, it might be worthwhile to stop by the new Concord Pacific presentation centre, which recently set up shop in a new location, according to this promo video from the Real Estate Channel.