OMFG PETR JAKSN WTF?!?!?!

So apparently Peter Jackson is producing The Hobbit and, get this, it's sequel. I'm confused. Isn't LOTR basically the sequel to The Hobbit? So what the hell is Jackson doing? I hope this isn't a case of letting all the talk about him being a legendary filmmaker go to his head and just basically doing what he wants. I'm afraid that this is going to be a cinematograpy version of all those shitty Star Wars books about what happens in between the movies (although after the Episodes, I, II & III, the one about Vader being a whiny, needy bitch when a horny green man becomes all buddy-buddy with the Emperor becomes somewhat more along the lines of the story). I don't need someone else telling me what happened in between the Hobbit and LOTR. Bilbo used the ring to avoid the Sackville-Banginses and adopted an heir, which is all very apparent from the first chapter of the Fellowship. The only way I see this being useful is if the "sequel" turns out to be a massive prequel and dumb down The Silmarillion for me. That shit's whack.