It's got a lot to live up to. I did prefer the Hobbit to the LoTR as a book. It was a little more childish, as I can see in the trailer. And 2012 is a totally different market than 2001 was, so who knows who the makers will try to cater to.
However, Peter Jackson is such a huge fan that I can't see him fucking it up one bit.
11/30 -- Devin Townsend
12/06 -- Distant Worlds: the Music of Final Fantasy
12/27 -- Unearth
03/07 -- Video Games Live