Agreed on both counts. On one hand I have faith in Jackson/Walsh/Boyens, on the other hand I'm concerned about this being the bastard child of studio drama and greed (the book is 300 pages, come on). And then there's the question of whether they LOTR-ize the movie. The Hobbit is very different from LOTR, both in tone and scale. If they make something that feels like the beginning of FOTR for instance, that would work. But turning this into a blockbuster, huge adventure to destroy some sinister evil would be a mistake.
Warcraft meh. I dunno which story they're going to use; seems like Arthas is the best place to start.