I just watched the first couple of production diaries, and after seeing how much everybody seemed to be really enjoying themselves, and how much they seemed to care about what they were making, I have no doubt all three movies will be great.
Jackson hasn't disappointed me yet. The LOTR movies are three of my favorite movies, and while I didn't enjoy them as much as LOTR I did like The Frighteners and King Kong.
I love LOTR and just finished watching King Kong again last night. I really like that movie a great deal.
I think one has to understand why Peter Jackson does what he does. I watched the production diaries and I watched all the bonus material from LOTR and King Kong and they help me to appreciate what he has done even more.
I have no worries about a Hobbit trilogy.