It's still a long way off, but I'm looking forward to the (new) 'Hobbit' movie(s)

I'm a late-blooming fan of the Lord of the Rings trilogy and the Hobbit books (and movies), but I'm happy about the announcement today that Peter Jackson is now officially slated to executive produce (2?) films based on The Hobbit. I wonder, though, how his not directing or writing will affect the vision and quality of the film, currently due in 2010, and a "bridge" movie set between The Hobbit and FotR in 2011.