Personally, I wouldn't want them to do this either. But if it does happen, I wish this time they would use actual little people as the Hobbits and Dwarfs. You can't get much cooler than Peter Dinklage, surely there are others. I've often wondered how much backlash there was from the Little People community with the Jackson movies for not using them for the lead actors instead of just long shots and body doubles.
There are several shots in LOTR where optically shrinking down the actors to Hobbit size just doesn't work for me. Shrinking them screws up the body proportions and a few times it just takes me out of the movie.
But I've read the books a kajillion times....
Just make a Harry Potter tv series already... that's what could seriously benefit from a reboot
they could easily start with a young Dumbledor similar to how they are doing Gotham with young Jim gordon
That said, other fantasy worlds/stories I want to see done as macroseries: Both of David Eddings' worlds -- the Belgarath/Polgara series and the Sparhawk series (with a personal bias toward the Sparhawk books), Jim Butcher's Codex Alera, Jane Yolen's Dragons Blood series (though we may need to wait a little before another Dragon-focused series), and a non-atrocious Shannara series top my short list.
Just make a Harry Potter tv series already... that's what could seriously benefit from a reboot
Middle earth where all your problems can be solved if you just call the Eagles. Need a lift out of fallen tree that is surrounded by orcs..Eagles, stuck on tower waiting to die...eagles, stuff getting too hot on lava rocks..Eagles. Getting your ass handed to you in a massive fight and need to win..Eagles. Could of take 3 movies issues in 30 minutes or less and saving thousands of lives..Eagles could done it. Never get the first call, only when your ass is hanging in the breeze. Give me a show of the Eagles doing TopGun fights,