It could be an opportunity for them to right some of the wrongs in the otherwise incredible movie series, but it's more likely an opportunity for them to add in a bunch of stuff that doesn't belong in the Tolkien world. I'm very surprised the Tolkien Estate sold the rights!
The world needs more Tolkien, though. As long as it's not watered down beyond all recall, it never hurts to bring Middle-Earth back to the fore.