I would watch it IF it were true to the text. Otherwise, meh.
Agreed. If they think they can write a better book, or series of books, then do it.
What text? The movies have already told all the story Tolkien wrote. There's nothing left but Hollywood speculation. Would you trust that cesspit to carry on Tolkien's narrative?
LOTR is a classic struggle between good and evil, with some fairly obvious Christian overtones. It is naive to expect the filth merchants in Faketown to propagate that message.