I rather hope it doesn't. It's not so much about action; it's subtle worldbuilding and a certain vibe that is easily distorted on screen. Also, it would destroy everybody's personal vision of the Shrike...
...does it though? I mean we don't have to argue about personal desires and opinions. But Hyperion simply doesn't seem adaptable. You would lose everything that makes it great.
It would make a perfect mini-series. Each episode or two could cover each pilgrim's story, with a finale two-parter to wrap up Fall of Hyperion. A lot from Fall could be trimmed down.