In some respects I'm glad, I think this film would only be compared to his Lord of the Rings Trilogy, and by the time it's been made I'm sure we'd have had another dozen fantasy movies
à la Eragon, Harry Potter, Narnia 2 etc... If it wasn't as good as Lord of the Rings I'm sure there would be a backlash against him, just as lot of people were dissapointed with aspects of King Kong. Fantasy films might be out of vogue by the time New Line/MGM release The Hobbit but they're only thinking of the money, it will be interesting to see who makes this and what it will be like without the team that made the Lord of the Rings. Only time will tell but who ever takes up the Directors job they've an awful lot to live up to.