I’m glad that didn’t happen. I’m sure it will eventually, but I don’t need a 50-hour version of that story. LOTR is my favorite book of all time, but my unpopular opinion of it is that Tolkien needed a better editor. There’s stuff in there that adds little to the story (sorry, Bombadil stans) while things that SHOULD have been included, even if only in flashbacks, are unfortunately left to the appendices (e.g., exploring the Aragorn/Arwen love story so that Aragorn doesn’t look like a complete d*** for abruptly spurning Eowyn). I know some (maybe all) of you will disagree and I’m not going to pretend that I will ever be anything close to the writer Tolkien was. But as someone who edits for a living (and as someone who loves Tolkien even with my criticisms) I feel that LOTR could have been improved through better editing.
The PJ films aren’t perfect but they trimmed a lot of the fat while adding more material for characters who were lacking on the book. And they honestly still hold up. Even with modern special effects, I doubt you would get the same exhilarating feeling in a new show when Gandalf and Pippen arrive at Minas Tirith for the first time.
(I’m sorry if this came off like an attack on anyone who wants to see a new version of LOTR; I don’t mean it to be. This is just how I feel about it.)