I for one would love to see Peter Jackson direct The Hobbit on film.
Why? Continuity. Overall I was very pleased with his undertaking of bringing to film the mammoth Tolkien masterpiece. While I agree with others that he and the screenplay writers deviated a bit too much from the novel towards the end of The Two Towers, I was overall satisfied with the movie trilogy as it appeared at the cinema. Although I admit I would like to have seen the Elven King Gil-galad included in the opening sequence of Fellowship of the Ring fighting alongside Elendil, Gandalf break Saruman's staff at Orthanc (TTT), no Elves at Helm's Deep (TTT), Halbarad and the Dunedain arrive and ride with Aragorn through the Path of the Dead (ROTK), Wormtongue throwing the Palantir from Isengard (not just being found in the water), The Scouring of the Shire (ROTK) and the death of Saruman (ROTK) all done properly.
In any event, I read an article on this very topic a few days ago, and Peter Jackson said in an interview that he was interested in doing the film, and that all the actors, (Ian McKellen amidst others) who play characters who do appear in The Hobbit would all return to provide the very continuity I was hoping would be preserved. J.R.R. Tolkien is undoubtedly one of my favorite authors, and I have read The Lord of the Rings, The Hobbit, The Silmarillion, and the 12 seperate Appendix volumes to Middle-Earth published by Christopher Tolkien more times than I can count, so perhaps I am a bit biased.
Now, regarding The Silmarillion, I agree with NeonMadman. I would absolutely LOVE to see this brought to film for my eyes to enjoy. However, that is being idealistic. Realistically? I do not find it possible. If it took 7 years of production and 12 hours (if you include the Extended Edition DVD) of film to do The Lord of the Rings, it would take 70 years and 1200 hours of footage to complete The Silmarillion and do it justice.
From the Ainulindale and the Creation of Arda, Iluvatar creating the Valar, the rebellion of Melkor, the coming of the Elves, Thingol Greymantle and Melian the Maia, Aule fathering the Dwarves, the story of the Two Trees of Valinor (and it's Darkening via Morgoth and Ungoliant), The Valaquenta and Quenta Silmarillion discussing Feanor and the Silmarils, the creation of the Sun and Moon, Finrod Felagund and the Caves, Beren and Luthien recovering a Silmaril with Huan, Turgon and Gondolin, Huor, Hador Goldenhaired, Hurin and his son Turin Turambar and the dragon, the voyage of Earendil and the War of Wrath, the birth of Elrond and Elros and the creation of Numenor, the Akallabeth and Sauron's part in the downfall of Numenor.. all the way leading into the Third Age of the World and the time of the Lord of the Rings would be the greatest commitment in the history of movies to say the least.
Alas, there is always the joy of reading it, and visualizing the events in your mind. Good topic here. Haven't posted in a long time. This certainly encouraged me too. Nice to know others enjoy the Silmarillion and Tolkien as much as I do.