I've heard about the book, but never read it. Will have to get it from the library now. Am just finishing "Memoirs of a Geisha". It is one of the few books I've read that I enjoyed more in movie form, even though parts of it were changed ever so slightly for film.
If PJ is doing the adaptation, I'd trust him with the work, and if I like the book, would likely see the movie.
I haven't yet read the book myself, but I probably will before the movie comes out.
By the way, the latest rumor about The Hobbit is that Peter Weir has been approached to direct it. That would be really special.