I can't wait either. Star Wars is fine (well, except for episodes VI and I, but I'm keeping an open mind about II), but Tolkien is magic.
You nailed it. And Jackson, to his credit, so preserves that magic. He had the good sense to trust his material. (And I think a little healthy fear of the gigantic fan base didn't hurt any!) No movie has captivated me so.
It's sort of the difference between a story and a Story.
Dan