As the resident Tolkien nerd, I am cautiously optimistic.
I'm not sure how they could bring the first few stories of the Silmarillion to screen, and I'm not sure I want them to. It's so... abstract. I'm afraid they'll ruin what I've built up in my own mind.
There is plenty of other stuff in Silmarillion (and other books) that you can make multiple seasons of TV, and multiple spin off shows/movies and that's what gets me going.
I feel like they should hire me to do the casting. I would kick ass at casting.
John C Reilly for Tom Bombadil