Re “it could be a very good thing:”
They don’t have to remake the 3-volume LOTR story. Series are often best when open ended, or when people are unfamiliar with the story line.
Tolkien wrote other books concerning Middle Earth which could be the source for many interesting episodes. For example, there is “The Silmarillion” which tells the creation and pre-history of Middle Earth, and “The Unfinished Tales.” There are many heroes and many stories that could be built upon those books for years. For example, one year’s series could be devoted to the early days of Sauron, when he was seductive and attractive, working with the Elves in their forges. Obviously the final episode of that year would be the forging of The Ring, and the realization by the elves of their betrayal. Many other tales of Elves, Dwarves, and the Men of Westernesse come to mind.
I was not happy at all with the Peter Jackson treatment of the LOTR movie trilogy. I think there is an appetite for another adaptation of LOTR provided it is well done. And recent history has shown that television has now equalled and in some ways has surpassed the motion picture industry in terms of cinematography, writing and acting.