This news makes me happy. All those far more interesting GdT projects that could be better served with the mans time and attention over a needless ‘prequel’ (in two, possibly 3D films, no less) to the complete-on-its-own Lord of The Rings. Nobody wants to see a fine fantasy auteur waste his time on a cash cow. I am probably wrong on that last bit, but ah well. Hopefully some good and interesting cinema ahead from the big Mexican.
You want all the details, TheOneRing.net has ’em.