I guess the story of the Silm. would be too complex for the average "Legolas/Viggo-fan". And one movie would have to last like 240 minutes to explain the plot.
And if PJ would be the director, he would definitely screw the whole thing up.
Like Elrond dying dramatically in front of Angmar like Haldir in TTT (oops, he came up in LotR, well anyway, the people won't notice

).