The crucial thing about this is that it is a pitch by the Tolkien estate rather than to them. Christopher Tolkien hated the Peter Jackson movies [...snip...]
I was an avid reader of Tolkien as a teenager and the movies were a disappointment to me as well. Too much spectacle and derring-do, whilst I always enjoyed the construction of the world and the inner lives & secrets of the characters. The omissions made were sometimes grotesque: the removal of Tom Bombadil alone made the mockery of the books. Skipping the entire homecoming chapter of the hero's journey ("the scouring of the shire") is a common complaint and a travesty of storytelling.
However, Christopher Tolkien is the ultimate Tolkien purist, after a lifetime of curating his father's work. In the few interviews he gives he's clearly dismayed by any deviation from the original intent. I suspect he'd likely be unhappy with any TV adaptation as well.
Like many other Tolkien fans I'd much rather see an adaptation of The Silmarillion, which if anything is the more epic book of tales.