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.
03/07 - Video Games Live
03/20-21 - Trois-Rivière Metalfest
04/03 - Harms Way
05/09 - Faith No More
05/16 - Sons of OTIS
06/20 - Bolt Thrower