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It improves my baseless perception of it to know that Peter Jackson won't be involved. King Kong was mostly horrible. Return of the King was almost completely horrible. The Two Towers showed the slide from the greatness of the first to the horribleness of the second.
Good riddance, says I. Before tackling anything so large again, Jackson needs to go serve a 5-10 year penance doing small movies that force him to reign things in a bit and relearn control.
I too will withhold comment on the sequel except to note that writing new original content for the Tolkein universe seems a very difficult idea to pull off.
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