Um, just for everyone getting excited over this… you do realize he’s only executive producing the films and not directing them, don’t you? In other words he may not take any active roll in their creation at all, instead he might just oversee everything. The unofficial word is that he won’t be directing them at all. That doesn’t excite me overly much.
But at least they’re making it. There are plenty of other good directors out there, even if Peter Jackson only produces and doesn’t direct. The book The Hobbit for the most part has a different mood and feel to it than does The Lord of the Rings trilogy, so having the movie versions have a slightly different feel to them won’t be the end of the Universe as long as it’s still well done.
Unless it stars Leonardo DiCaprio and Adam Sandler.