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.
01/18 & 01/19 -- Godspeed You! Black Emperor and Neurosis (in Montreal)
02/08 -- Dark Tranquility
04/11 -- Black Sabbath