I read the book in high school for my English literature class. I read the WHOLE thing, no cliff notes or anything. I slammed the book in the report (this was a 1 semester class and the report was 75% of our grade) and basically called it a travesty of American writing, and called Melville out as a pompous high and mighty ass.
Got a A
I actually fell asleep in class 2 times reading it, once woken up by the teacher in front of everyone because I was snoring ROFL. He said "I know the book is a boring read, so fake it in class if you need to)
as for the movie I'd say Djimon Hounsou strikes me as the perfect "Queequeg"
http://www.imdb.com/name/nm0005023/Hopkins would make a great Ahab, thats a hard role to cast though... as for Ishmael??? I think of someone similar to Tim Robins, but he's not right, just someone who can look nerdish and weak. Maybe Paul Giamatti if he was skinnier.