Thanks for starting this thread,
Victariongreyjoy!
With what people have said, and the news of Christopher Tolkien's resignation as Director of the Tolkien Estate, I'm not optimistic about this planned TV series.
If, as you said
Snowdog, this happened, things might be different:
As long as there is an all new cast, and all new episode writers and directors, and PJ Boyens WETA and gang are kept as far away from it as possible, it may have a chance.
The best that can be done, I think, is to wait and see...