I haven't really looked forward to any movies since RotK, but
this might change things.
An adaptation of The Hobbit was inevitable given the mega-success of the LOTR trilogy, I'm just really glad Peter Jackson is on board. (He and New Line had been going through some contract struggles over LOTR and they weren't on good terms to work together again. Apparently they worked it out.) He and his Weta squad did some really amazing things with LOTR, and I think they can pull it off again.